Getting a new banking charter in the US is hard, but it's straightforward to be a challenger bank in the UK. Jarvis moved (back) to London from SF to start Griffin.
The banks in the US that have APIs tend to focus on large fintech partnerships, so even simple APIs will be expensive compared to a regular bank account. Grasshopper Bank in the US (for example) is one of the few that will do APIs on top of regular commercial bank accounts.
(I work at Treasury Prime, which powers many US banks that do APIs.)
The alternative everyone brings up is FedNow - slightly more expensive, but it works quickly and operates 24/7. The problem is that FedNow is a Real Time Payment system. Everyone in banking knows that Real Time payments equals Real Time Fraud.
Treasury Prime is transforming banking for the 21st Century. We partner with banks to build the technology to enable this new wave of fintech startups. Through simple, unified APIs, we are modernizing the economy.
All my exams (but one) were take home with well understand rules of engagement. The one exam that wasn't take hime was a visiting professor who made us take the exam at the same time in our normal meeting room and then the left the room for 3 hours. I don't think any of us cared that it was in that particular room, but it was weird to all take the test at 2pm.
Treasury Prime is transforming banking for the 21st Century. We partner with banks to build the technology to enable this new wave of fintech startups. Through simple, unified APIs, we are modernizing the economy.
To learn more about who we are, our culture, and whether this is the right place for you, read our careers page https://treasuryprime.com/careers/
We are growing rapidly and have many open roles, including:
We're growing, hiring, and have enough runway for many years!
Treasury Prime is transforming banking for the 21st Century. We partner with banks to build the technology to enable this new wave of fintech startups. Through simple, unified APIs, we are modernizing the economy.
To learn more about who we are, our engineering culture, and whether this is the right place for you, read our Key Values profile: https://www.keyvalues.com/treasury-prime
We're growing, hiring, and have enough runway for many years!
Treasury Prime is transforming banking for the 21st Century. We partner with banks to build the technology to enable this new wave of fintech startups. Through simple, unified APIs, we are modernizing the economy.
To learn more about who we are, our engineering culture, and whether this is the right place for you, read our Key Values profile: https://www.keyvalues.com/treasury-prime
We're growing, hiring, and have enough runway for many years!
Treasury Prime is transforming banking for the 21st Century. We partner with banks to build the technology to enable this new wave of fintech startups. Through simple, unified APIs, we are modernizing the economy.
To learn more about who we are, our engineering culture, and whether this is the right place for you, read our Key Values profile: https://www.keyvalues.com/treasury-prime
Treasury Prime is transforming banking for the 21st Century. We partner with banks to build the technology to enable this new wave of fintech startups. Through simple, unified APIs, we are modernizing the economy.
To learn more about who we are, our engineering culture, and whether this is the right place for you, read our Key Values profile: https://www.keyvalues.com/treasury-prime
Treasury Prime is transforming banking for the 21st Century. We partner with banks to build the technology to enable this new wave of fintech startups. Through simple, unified APIs, we are modernizing the economy.
To learn more about who we are, our engineering culture, and whether this is the right place for you, read our Key Values profile: https://www.keyvalues.com/treasury-prime
https://zenbusiness.com/ will create an LLC (I don't know what state) and then create a bank account if you want with Radius Bank in Boston. I've never used Zen myself, but they and Radius have been good partners.
For those interested in maximizing their interest rate on their cash holdings, I like https://www.maxmyinterest.com/ which has deals with many banks for high interest accounts. They make it very easy to move your money around to get the maximum ... uh ... return.
I talk to (about) a person a week who wants to create a new US bank. Some are pursuing a de novo charter, some are buying a bank, and some are a quasi bank on top of another bank.
The real blocker here is the Fed won't grant new charters and often won't transfer charters. I'm hoping this will change in the next few years and we can get some real competition.
The banks in the US that have APIs tend to focus on large fintech partnerships, so even simple APIs will be expensive compared to a regular bank account. Grasshopper Bank in the US (for example) is one of the few that will do APIs on top of regular commercial bank accounts.
(I work at Treasury Prime, which powers many US banks that do APIs.)