On twitter, I’ve discussed the notion of how real time banking APIs will change everything.
The existing banking system makes operating a business a living hell for consultants.
No real time APIs.
No easy way to add accountants for some of them.
No % wise split based routing of income.
I’m looking forward to watching @trycrux crush, kill, and destroy competitors.— Kumar is not on this app for a while (@datarade) March 19, 2019
Insurance companies and multi-billion dollar companies rely on some level of breakage.— Kumar is not on this app for a while (@datarade) March 3, 2019
Real Time Banking APIs need to be regulated into existence to destroy this credit score reducing effect. https://t.co/1F1gV2XEKs
Real time banking APIs are coming.— Kumar is not on this app for a while (@datarade) January 9, 2019
Accounting and bookkeeping companies are going to get Rekt.
Tech companies now have leverage over merchants to acquire full itemized receipts.
The future is here.
Prediction:— Kumar is not on this app for a while (@datarade) January 9, 2019
Real time banking APIs will crush kill and destroy the US bookkeeping industry.
Banks have no interest in increasing the amount of money leaving their deposits, and as a result, have no interest in creating an environment of real time banking APIs.
Real Time Banking APIs would enable:
- Fully Automated Bookkeeping with great accuracy. (Similar to keepertax.com but far more refined)
- Consumer custody of their full itemized receipt data from merchants. (Saving millions of reems of paper every year)
- A new type of business that is run on automated investments in things like short term and social impact bonds. Even real estate… etc..
Emburse is a new tool that enables this. They give you the power to generate a plastic and virtual card card for founders, employees, and executives in your organization as well as an API.
I believe Emburse is a pioneer in the space. Their API is real time and enables organizations and CFOs to think at scale instead of being bogged down in reporting.