Originally posted by soconnor
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Reply to: Challenger business Bank
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Previously on "Challenger business Bank"
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What are the charges for this service, or is it free banking as Santander used to offer (and still do for existing customers) ?
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Are you involved in Open Banking at all?
Originally posted by squarepeg View PostAgreed. PSD2 is something that will change the FS industry, but I would advise anyone who is thinking of using the new APIs to carefully read the legislation and get in touch with OpenBanking.org.uk asap to find out what the legal and the regulatory requirements will be.
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Open banking: short-term benefits overstated, long-term benefits understated
Originally posted by Cirrus View PostApart from being a naturally sceptical person I happened to have managed an API project recently. It was for small companies like contractors. The idea was your insurances could be adjusted to match your turnover, number of employees, type of business etc. This information would come from your accounting provider.
Accounting providers already have APIs. The problem is however, they are accounting providers not insurance providers. We could never find the data we needed and there was always the fundamental problem that people are not motivated to provide data that suits you rather than is essential to their objectives.
With banks you will have some data but good luck with trying to turn that into useful information.
Please don't bet your house on this. The current AI and FinTech bubbles are just fanciful.
That's why we're offering a bank account rather than relying on open banking. It means we get rich, real-time payments data that banks currently throw away. (Banks' management of data won't be solved by open banking).
Open Banking is a step in the right direction to make banks more competitive. But in the meantime challengers will create the value.
I'd also be really interested to chat to you if you have time. I'm on sam at get coconut dot com.Last edited by soconnor; 7 June 2017, 21:15.
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More Pie in The Sky
Originally posted by soconnor View PostOpen banking is really exciting. Here's an article I wrote on it: Open banking will give freelancers a wealthier future. — hubbul
Accounting providers already have APIs. The problem is however, they are accounting providers not insurance providers. We could never find the data we needed and there was always the fundamental problem that people are not motivated to provide data that suits you rather than is essential to their objectives.
With banks you will have some data but good luck with trying to turn that into useful information.
You'll have company account transactions (which don't directly relate to disposable income). You'll have to work out from the very limited descriptions what these are. Then of course you've got to look at personal accounts and do the same thing again. I have six bank accounts that contracting money flows through (mixed current, immediate access savings, 30-day savings, all times 2 for company and personal.). Then how do you evaluate wealth being stashed up as liquid assets - there's a big tax calculation challenge there?
Please don't bet your house on this. The current AI and FinTech bubbles are just fanciful.
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Originally posted by soconnor View PostOpen banking is really exciting. Here's an article I wrote on it: Open banking will give freelancers a wealthier future. — hubbul
We're going to form part of the banking infrastructure and will be open ourselves. We want to work closely with the developer community to innovate.
Our customers will also benefit from high street banks being more open under the Open Banking or PSD2 rules. For example, we will access to data from your existing bank accounts where authorised. This lends itself to some cool features like deducting part of your mortgage/rent payments from your tax bill automatically.
Sam
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Open Banking
Originally posted by Cirrus View PostOur condolences to Alex Speller - one time Freelance CTO and still on your website.
Is all this to do with https://www.evry.com/en/news/article...as-we-know-it/?
Open banking is really exciting. Here's an article I wrote on it: Open banking will give freelancers a wealthier future. — hubbul
We're going to form part of the banking infrastructure and will be open ourselves. We want to work closely with the developer community to innovate.
Our customers will also benefit from high street banks being more open under the Open Banking or PSD2 rules. For example, we will access to data from your existing bank accounts where authorised. This lends itself to some cool features like deducting part of your mortgage/rent payments from your tax bill automatically.
SamLast edited by soconnor; 6 June 2017, 17:08.
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Freeagent, Xero, Sage, all good products...
Originally posted by northernladuk View PostDoesn't Freeagent do that already?
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Wow, does that mean that banks will have to actually add value to get customers?
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PSD 2?
Originally posted by soconnor View PostI'm afraid we've only got one CTO. He's called Allistair Crossley and he does have a smashing beard,
Is all this to do with https://www.evry.com/en/news/article...as-we-know-it/?
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Originally posted by soconnor View PostWe're creating a business bank account for freelancers and self-employed people that tells you how much tax to save, automatically categorises your expenses and helps you stay on top of client payments. worked with in the past.
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Message from Coconut
Hi Everyone
I spotted this, so thought I'd respond. I'm Sam, Co-founder and CEO of Coconut.
We're creating a business bank account for freelancers and self-employed people that tells you how much tax to save, automatically categorises your expenses and helps you stay on top of client payments. That said, we're not becoming a bank. Your money will ultimately be held by Barclays.
We became freelancers a couple of years ago and found the money side of things painful. We're using the rich payments data that banks currently throw away to drive out manual process from money management and accounting. This should have been done a long time ago, but banks have been really slow to innovate.
I'm afraid we've only got one CTO. He's called Allistair Crossley and he does have a smashing beard, or is it designer stubble... Being a startup focussed on freelancers, we try and work with our customers where possible. We also want to promote them, so that page on our website is really dedicated to the people we've worked with in the past. We're going to change the title of that section to make it clearer.
We really appreciate any feedback so keep it coming. And get in touch directly if you have any questions sam at (you can guess the rest).
We'll be launching our full product later this year. And we'll be making a dev ops hire too. We're always looking for great developers so ping us a note if this sounds interesting.
Sign up for updates or to get involved in early testing.
I look forward to your comments.
Sam
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