1. august 2010

How an Ambitious Startup Wants to Revolutionize Banking

The idea of connecting your bank account to Twitter and Facebook is likely just as scary as sharing your credit card purchases with the world, but Payne believes that Banksimple can use social integrations to simplify money transfers between social network friends.

To that purpose, Banksimple will support Facebook Connect and Twitter @Anywhere at launch. That’s just barely scratching the surface. Payne’s specialty is in API technology and he’s bringing that expertise to Banksimple with the intention of releasing a Banksimple API that will be both secure and powerful.

Third-party application developers will have the opportunity to tap into the bank accounts of Banksimple users, but only when permission is explicitly granted by the user. On that front, Payne has an aggressive attitude around security, pointing to his own background in information security.

In some ways, Payne’s vision around simple, friend-to-friend money transfers overlaps with the mobile payment purpose of services such as Venmo and Square, though with the API there’s also the opportunity for harmony in lieu of competition. Of course, as Twitter buddies, we’d certainly expect a partnership, and not a battle, between Payne and Jack Dorsey, the Founder of Square.

Source: Mashable
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