How ACH works: A developer perspective

Re:How ACH works: A developer perspective – Part 2 by edawerd on Tuesday May 13, 2014 @07:11PM (#7741191)

I'm curious, if you don't store usernames and passwords for banking credentials, how do know if the ACH transfer will NSF? Do you ask the account holder for their bank credentials each time you want to pull money from their account?

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Re:How ACH works: A developer perspective – Part 2 by tomasien on Tuesday May 13, 2014 @07:13PM (#7741200)

No - so we risk rate for recurring payments and get a bunch of info from online banking that helps us determine how large of a recurring payment and at what interval we can allow. We've never been wrong, but we will be someday I'm sure. Recurring payments right now are not fully guaranteed against NSF risk only the first one and all one time payments. So for ZenPayroll I suppose that's particularly relevant.

Someday we hope to offer stored usernames and passwords as a service (making it super clear to the user that it's being authorized) but for now we only have really good security people - not "best in the world" people who would make me comfortable doing that.

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Re:How ACH works: A developer perspective – Part 2 by simoncion on Wednesday May 14, 2014 @02:40AM (#7742504)

> Someday we hope to offer stored usernames and passwords as a service...

Usernames and passwords are generally an all-or-nothing proposition, and will be for the foreseeable future. Is getting major banks to adopt a application-specific-password scheme [0] (maybe even with maybe-fine-grained permissions!) such a lost cause that it makes what you're proposing a vaguely reasonable thing to do?

[0] https://support.google.com/accounts/answer/185833?rd=1

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Re:How ACH works: A developer perspective – Part 2 by us0r on Tuesday May 13, 2014 @07:59PM (#7741362)

Basically scrape the account.

Avg daily balance is probably the primary number. Low balance, high balance, NSFs, etc.

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Re:How ACH works: A developer perspective – Part 2 by tomasien on Tuesday May 13, 2014 @08:19PM (#7741451)

Pretty close! We're not scraping anything which I'll clarify more for the connotation that this is web scraping - it's not.

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Re:How ACH works: A developer perspective – Part 2 by pbreit on Tuesday May 13, 2014 @09:21PM (#7741699)

I'm not sure there's much difference between scraping and downloading txn history (.txt or .ofx or whatever).

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Re:How ACH works: A developer perspective – Part 2 by tomasien on Tuesday May 13, 2014 @09:29PM (#7741720)

True

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Re:How ACH works: A developer perspective – Part 2 by segmondy on Wednesday May 14, 2014 @12:03AM (#7742124)

How?

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