Bitcoin Companies and Entrepreneurs Can't Get Bank Accounts

Re:Bitcoin Companies and Entrepreneurs Can't Get Bank Accounts by tomasien on Saturday November 16, 2013 @09:38AM (#6744845)

It's a way to transfer money bank to bank exactly like cash - it's able to use security algorithms to determine whether the funds being transferred are "good funds" or not, and it doesn't require to know their bank account information, just their online banking credentials.

It overcomes the two major hurdles that have traditionally existed - convenience and security of the merchant to know the funds will actually be there.

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Re:Bitcoin Companies and Entrepreneurs Can't Get Bank Accounts by alexwright on Saturday November 16, 2013 @12:03PM (#6745433)

So I'm guessing the application logs into a user's online banking interface? Or is there some WS API the banks are making available?

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Re:Bitcoin Companies and Entrepreneurs Can't Get Bank Accounts by tomasien on Saturday November 16, 2013 @12:12PM (#6745466)

Kind of, there's absolutely no standard way of doing it, you have to do it bank by bank, that's been our challenge but we're up to 70% inclusion! It's the same way Mint works, except we have to do a ton of other stuff to be compliant and to get the information we need.

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