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A comment on Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking. Parent comment

Re:Standard Treasury (YC S13) Aims To Make Software That Eat... by zt on Tuesday July 09, 2013 @12:34PM (#6013525)
(I work on Standard Treasury)

The first one is definitely something that will happen once a bank partner of ours launches the white labeled service. Electronic checks (ACH) are usually a flat, several cents, fee.

Unfortunately, debits are likely going to require some sort of verification.

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Re:Standard Treasury (YC S13) Aims To Make Software That Eat... by tbrooks on Tuesday July 09, 2013 @12:42PM (#6013578)
I feel like you, ST, should be able to pass that liability to the company using the API. Maybe make them put $1mm in escrow or something.

I know of a few organizations that don't require verification for ACH debits.

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Re:Standard Treasury (YC S13) Aims To Make Software That Eat... by quintinsykes on Tuesday July 09, 2013 @12:48PM (#6013620)
My guess is that when he speaks of 'verification' it's more in the context of underwriting the originator of the transaction for fraud/creditworthiness vs. ensuring the account being debited is valid.
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Re:Standard Treasury (YC S13) Aims To Make Software That Eat... by tbrooks on Tuesday July 09, 2013 @01:01PM (#6013723)
That's correct.
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Re:Standard Treasury (YC S13) Aims To Make Software That Eat... by oldgregg on Tuesday July 09, 2013 @12:50PM (#6013640)
which companies currently let you do it?
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Re:Standard Treasury (YC S13) Aims To Make Software That Eat... by tbrooks on Tuesday July 09, 2013 @01:00PM (#6013714)
No APIs that I know of, but there are several companies in my vertical (donations) that do this. This is one:

http://www.acceptiva.com

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