Author Topic: Potential new member for BitShares Exchange Network, if only...  (Read 5858 times)

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Offline Stan

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Potential new member for BitShares Exchange Network, if only...
« on: October 02, 2015, 11:56:45 pm »
We've been talking with a potential partner who has only one more requirement the BitShares Exchange Network currently doesn't meet:

What we need is the ability to deposit bitAssets like BitUSD or BitEUR from a wallet account directly into a checking or savings account at a bank through an ACH option.

Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit, payroll and vendor payments.  When you get direct deposit, it is an ACH deposit

What we need is we need to find some type of service or bridge that can bridge the two. 

As an example: an employer has a million employees and wants to switch their entire payroll system to using our assets. That would mean that employer would need to take currency and load it into their account and then distributed to all of their employees. Then their employees would have the option to deposit it directly into their regular bank checking account, or keep it in their wallet and be able to swipe a card at a point of sale. CCEDK has the card in point of sale deal worked out in regards to integrating with the wallet, but we need to have an ACH deposit option.

If we can get this worked out as soon as possible then BitShares has a very good chance of landing an extremely large client right now. We've already had the talks and they've already agreed as long as we can provide that option.

They are currently using check, direct deposit, and loaded prepaid cards but they want to outsource that to other network partners and do everything in BitAssets.

We could use some research leads on who in the world is a good choice provide ACH deposit off-ramp services to the entire BitShares Exchange Network.

This is not a Summer Announcement, but I do feel a slight Disturbance in the Force.
« Last Edit: October 03, 2015, 12:04:48 am by Stan »
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Offline Murderistic

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #1 on: October 03, 2015, 12:01:21 am »
I'm working hard on this deal people, we are talking over 500+ million in yearly funds being moved.

Imagine if it is all bitUSD they were using...

This is the one gamechanger we need. They said yes, provided this option can be made to happen.

Let's do this together and share the reward...before Dublin, when we walk in with the ink dry on it.
« Last Edit: October 03, 2015, 12:03:48 am by Murderistic »

Offline Stan

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #2 on: October 03, 2015, 12:08:42 am »
Can we at least have a "holy explicative deleted" from someone?
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Offline lil_jay890

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #3 on: October 03, 2015, 12:17:37 am »
We've been talking with a potential partner who has only one more requirement the BitShares Exchange Network currently doesn't meet:

What we need is the ability to deposit bitAssets like BitUSD or BitEUR from a wallet account directly into a checking or savings account at a bank through an ACH option.

Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit, payroll and vendor payments.  When you get direct deposit, it is an ACH deposit

What we need is we need to find some type of service or bridge that can bridge the two. 

As an example: an employer has a million employees and wants to switch their entire payroll system to using our assets. That would mean that employer would need to take currency and load it into their account and then distributed to all of their employees. Then their employees would have the option to deposit it directly into their regular bank checking account, or keep it in their wallet and be able to swipe a card at a point of sale. CCEDK has the card in point of sale deal worked out in regards to integrating with the wallet, but we need to have an ACH deposit option.

If we can get this worked out as soon as possible then BitShares has a very good chance of landing an extremely large client right now. We've already had the talks and they've already agreed as long as we can provide that option.

They are currently using check, direct deposit, and loaded prepaid cards but they want to outsource that to other network partners and do everything in BitAssets.

We could use some research leads on who in the world is a good choice provide ACH deposit off-ramp services to the entire BitShares Exchange Network.

This is not a Summer Announcement, but I do feel a slight Disturbance in the Force.

Obvious answers that were probably already considered... coinbase, circle, itbit maybe paypal.  Circle would be the best since they are now allowed to hold USD.

Offline tonyk

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #4 on: October 03, 2015, 12:19:46 am »
We've been talking with a potential partner who has only one more requirement the BitShares Exchange Network currently doesn't meet:

What we need is the ability to deposit bitAssets like BitUSD or BitEUR from a wallet account directly into a checking or savings account at a bank through an ACH option.

Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit, payroll and vendor payments.  When you get direct deposit, it is an ACH deposit

What we need is we need to find some type of service or bridge that can bridge the two. 

As an example: an employer has a million employees and wants to switch their entire payroll system to using our assets. That would mean that employer would need to take currency and load it into their account and then distributed to all of their employees. Then their employees would have the option to deposit it directly into their regular bank checking account, or keep it in their wallet and be able to swipe a card at a point of sale. CCEDK has the card in point of sale deal worked out in regards to integrating with the wallet, but we need to have an ACH deposit option.

If we can get this worked out as soon as possible then BitShares has a very good chance of landing an extremely large client right now. We've already had the talks and they've already agreed as long as we can provide that option.

They are currently using check, direct deposit, and loaded prepaid cards but they want to outsource that to other network partners and do everything in BitAssets.

We could use some research leads on who in the world is a good choice provide ACH deposit off-ramp services to the entire BitShares Exchange Network.

This is not a Summer Announcement, but I do feel a slight Disturbance in the Force.

hmm One would think Identabit has already solved that 'problem'...

Which is it - they have not or they do not share with you guys?
« Last Edit: October 03, 2015, 12:21:27 am by tonyk »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline DMo09

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #5 on: October 03, 2015, 12:36:01 am »
Can we at least have a "holy explicative deleted" from someone?

Holy shit.

...But I'll save the bubbly for post contract & announcement.  Best of luck!

Offline carpet ride

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #6 on: October 03, 2015, 12:43:09 am »
Can we at least have a "holy explicative deleted" from someone?

Holy shit.

...But I'll save the bubbly for post contract & announcement.  Best of luck!

Holy crap.  This is has huge potential....
« Last Edit: October 03, 2015, 12:44:45 am by carpet ride »
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Offline jsidhu

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #7 on: October 03, 2015, 01:32:52 am »
This is great... +5%

I have a question..

What does the employer get out of this? I mean you must have pitched a way to save money increase efficiency.. However they now would have to provide a ccedk card to all employees right? They would also probably need to pay a cut to the ach service provider? One that may be more expensive than the one they are using today? So factoring this in,  they save money? Or what was the pitch?

Im wondering cause if we know we can bring forth the same arguments to any employer and have good success at conversion.

Because its new tech and certainly not the easiest to understand im curious as to how a big company overcame the burden of technical complexity and fear of new technology by having been provided with what they will benefit from using the technology... Must have been something very lucrative to them to jump in.
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Offline Stan

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #8 on: October 03, 2015, 02:40:31 am »
hmm One would think Identabit has already solved that 'problem'...

Which is it - they have not or they do not share with you guys?

Spent an hour talking with John tonight. 
We have many resources to consult and we are consulting them all.

:)
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Offline Empirical1.2

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #9 on: October 03, 2015, 02:45:26 am »
What does the employer get out of this? I mean you must have pitched a way to save money increase efficiency..

Because its new tech and certainly not the easiest to understand im curious as to how a big company overcame the burden of technical complexity and fear of new technology by having been provided with what they will benefit from using the technology... Must have been something very lucrative to them to jump in.

What do you think $40 million a month in BitAsset demand would do to the price of BTS? That's lucrative.

If you want to take the island burn the boats

Offline btswildpig

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #10 on: October 03, 2015, 03:09:18 am »
I'm working hard on this deal people, we are talking over 500+ million in yearly funds being moved.

Imagine if it is all bitUSD they were using...

This is the one gamechanger we need. They said yes, provided this option can be made to happen.

Let's do this together and share the reward...before Dublin, when we walk in with the ink dry on it.

Egg and chicken question ?
If bitshares  doesn't have 500 million + * 2 market cap , it can't provide 500 million bitusd .
If bitshares doesn't  have 500 million bitusd , it can't have 500 million + *2 market cap . 
« Last Edit: October 03, 2015, 03:39:30 am by btswildpig »
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Offline jsidhu

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #11 on: October 03, 2015, 03:54:18 am »
What does the employer get out of this? I mean you must have pitched a way to save money increase efficiency..

Because its new tech and certainly not the easiest to understand im curious as to how a big company overcame the burden of technical complexity and fear of new technology by having been provided with what they will benefit from using the technology... Must have been something very lucrative to them to jump in.

What do you think $40 million a month in BitAsset demand would do to the price of BTS? That's lucrative.
So they would be a bts holder even if thats not their core business? Doesnt make business sense unless they are a startup looking for bleeding edge risk and tech to integrate. I dont think that is the case.

I wonder if this is a partner looking to invest in bts in that case or if its a standalone company with its own core business intact and profitable.
« Last Edit: October 03, 2015, 03:58:46 am by jsidhu »
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Offline emailtooaj

Re: Potential new member for BitShares Exchange Network, if only...
« Reply #12 on: October 03, 2015, 04:24:02 am »
If im reading this correctly, I'm not quite sure the OP question is clear enough for a specific answer imo.  Are we looking to find a new payroll processor that will accept bit assets from the company and then that processor splits out the payroll to Individual employees who wants to get paid via ach, bit assets or a combo of each?
Or are we in search of a bank that'll be willing to integrate directly to BTS as a checking and savings off ramp?
« Last Edit: October 03, 2015, 04:27:19 am by emailtooaj »
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Offline merockstar

Re: Potential new member for BitShares Exchange Network, if only...
« Reply #13 on: October 03, 2015, 04:40:43 am »
If im reading this correctly, I'm not quite sure the OP question is clear enough for a specific answer imo.  Are we looking to find a new payroll processor that will accept bit assets from the company and then that processor splits out the payroll to Individual employees who wants to get paid via ach, bit assets or a combo of each?
Or are we in search of a bank that'll be willing to integrate directly to BTS as a checking and savings off ramp?

Is it a bank we're in search of? Who owns the ACH system? Who do banks talk to when they want to plug into it? Is there a special API you have to pay for? would Bitshares have to integrate the option for identity verification?

Offline donkeypong

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #14 on: October 03, 2015, 05:29:58 am »
I would think the CCEDK and Identibit partners would have the most expertise on this, since they have dealt with banks and compliance. That expertise is probably not elsewhere on this forum, but worth checking. More likely, you may need to draw in another third party partner. It's a matter of time, people. Just a matter of time until we get these pieces in place.