Money Transfer Solution: SpendIT SendIT,

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SpendIT SendIT ™

SpendIT SendIT provides real-time digital delivery for singular or recurring payments and allows recipients the option of spending or sending funds to the account of their choosing.

Digital delivery of funds in an instant
SpendIT SendIT is a digital feature that streamlines money movement in a unique and safe way to enable payors to send monies for a variety of use-cases. Dash Solutions offers a modern and elegant disbursement solution that routinely issues digital payments to broad consumer audiences for different payment types. From patient stipends and reimbursements in the healthcare industry to dividend payments and credit balance refunds in energy and utilities, SpendIT SendIT offers proprietary technology to fit a variety of program requirements.

  • This has the look of a Monry Transfer System like Strike, but instead of being built on Bitcoin and Lightning, I think it is built on Dash.
  • It looks like a nice UIX
  • It looks like a payments processor and a DAsh masternode producer merged their talents to create faster, cheaper and more flexible on Dash.


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SendIT SPendIT is a joint venture of Pathward and Dash Solutions

  • Banking-as-a-service firm Pathward and payments company Dash Solutions are giving their partnership another five years.

And with that extended partnership, the companies announced in a news release Wednesday (Aug. 2), comes a new tool: SpendIT SendIT, which lets consumer payees use or move their funds to other accounts they own.
“Together, we are tapping into an unmet need in embedded finance that few banks and payments providers have been able to solve for, and the solution aims to deliver swift disbursement and access to funds,” Pathward President Anthony Sharett said.
“As a testament to the strength of our partnership over the past five years, we are addressing an immense market need among some of the largest payers in the U.S. — delivering a frictionless disbursement process that’s less stressful for consumers and for businesses,” added Stephen Faust, Dash Solution’s chief executive.
According to the release, SpendIT SendIT offers real-time delivery of various payment types and offers flexible access for consumers to spend or send the money they receive. The companies say they are working to address growing consumer demand for real-time payments.
And that demand is there because consumers have become used to instant gratification,
Miyoshi Lee, head of U.S. real-time payments at Bank of America, told PYMNTS in an interview last month.
As that report noted, real-time is nothing new, stretching back to the launch of the RTP® network in 2017. And since then, Lee said, the move toward faster payments has been market-driven.
“We’ve allowed the U.S. real-time payments market to just evolve naturally based on basic supply and demand and client expectations,” Lee said. FinTechs — those often digital-only upstarts that have filled in the gaps of innovation in financial services — deserve credit for helping birth the real-time market.
“But in order for this space to really take off,” Lee said, “we’ve needed the safety and the trust of the banking world, in order for most corporations to really sit up and pay attention.”
Meanwhile, the market for real-time payments is taking off worldwide, PYMNTS wrote recently, with initiatives underway from Sweden to South Africa to South Korea.
Pathward’s partnership with Dash Solutions follows June’s announcement that the company had partnered with Propel to introduce new lines of credit.
As PYMNTS reported, the new line of credit lets customers access a flexible line of credit, move the funds to their core spending account and only pay interest only on the drawn amount.
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Pathward


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Pathward is a federally registered financial institution that provides solid banking infrastructure, proven technology resource partners and high-energy collaboration to help our third-party partners deliver banking programs that meet their customers’ demands.
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  • Pathward President Anthony Sharett

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Dash Payment Solutions


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Pay: Replace costly and antiquated paychecks with a more modern and comprehensive approach to payroll.
Fast, flexible and secure, dashPay payroll card programs improve efficiency, allow workers to receive wages quickly and electronically, and gives them more control over their financial well-being.
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CEO Stephen Faust, Dash Solution’s chief executive.

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7 comments
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I strongly believe that we need more of the solution in form SpendIT SendIT in the financial world

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I agree cross border payments reform is critical for global development

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SpendIT SendIT looks like it could be a game changer for instant digital payments

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I agree cross border payments reform is critical for global development

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Introduction

Concept: Credit Debt Facility on Hive: Draft Number one.

  • Ideas come to me sometimes in the middle of other or while work, perhaps triggered by some connection between the work and a problem we were thinking about another time. I admire the decentralized finance project called Makerdao before, Sky now, and how it works, along with it's limitations or challenges being on the Ethereum blockchain, with Ether fees being high and transaction times being short. It occurred to me that there nay be a simpler way to do this entire process.

Body

First Stage thinking

  • Trustlessness, I think this is a good starting point; Do we need trust less smart contracts, when we have an open ledger ?
  • To further clarify what I am thinking: We are a blockchain. All transactions are recorded on the blockchain. And posts can be made to explain documented transactions between individuals, which are recorded on the blockchain, and memos can be added which specifiy exactly what each transaction was for, so there is no lack of clarity.

Example Loan Outline:

  • So if I buy or save a thousand HBD Hive Backed Dollars, I could start providing a credit debt facility services, similar to Maker Dao, now Sky, here on the Hive Blockchain.
  • We have the three currencies we need for a credit debt facility on Hive; hive. hive power and hive backed dollars.
  • I envision the loan process like this.
  • Customer #1 deposits 100 Hive in the Hive Bank.
  • Hive Bank will loan you 50% of the value of your deposited funds, of hive, in hive backed dollars, through this calculation: the maximal loan amount in hive backed dollars is the current dollar value of hive x 0.5.
  • The maximal loan amount is then issued as hive backed dollars.
  • The loan to collateral ratio is 50%.
  • So The Hive Bank will loan 50% of the value of deposited collateral.
  • All you have to do is pay the hive dollars back, along with a small fee of 0.5% and your hive will be returned to you.

Example Loan Example:

  • Based on the smart contract dictated relation ship of hive backed dollars to hive, on the hive blockchain, one hive backed dollar equals one USD worth of hive.
  • If one hive is currently worth 0.20 USD.
  • Then five equal hive equals one USD.
  • Therefore a deposit of 100 Hive at 0.20 USD is equivalent to 20 HBD.
  • And the maximum loan which can be made is 10 HBD.
  • So if you wanted to accumulate hive, but needed money, you could borrow 10 - HBD per 100 Hive you deposit in the hive Bank.
    now you have 10 HBD to spend as you see fit, and the bank has your Hive as collateral.
  • ALL you have to do to get your hive back is pay back the loan of 10 hbd and pay the 0.5% fee to withdrawal your hive from the hive bank.

All depositors receives the following:

A written receipt in the form of a transaction record and a written post recognizing the deposit.
The loan is added to the Hive ledger which is instantly updated in the wallet.
The Hive Bank makes a profit of 0.5% interest on the loan, and keeps all curation generated by the deposited funds.
The Hive Bank keeps all funds in the Hive Deposit Account.
All deposits will be noted in memo’s which are permanent on the blockchain.

Summary

Summary of Concept

The loan to collateral ratio is 50%.
So The Hive Bank will loan 50% of the value of deposited collateral.
So a deposit of 100 Hive, with Hive USD value of 0.20 or 0.20 HBD has a net value of 20 HBD.
So at 20 HBD a 50% loan to collateral value loan will net you 10 HBD as the maximal loan, you could take a smaller amount, but that is the maximal amount.

  • All you have to do is pay the hive dollars back, along with a small fee of 0.5% and your hive will be returned to you.
  • This aloows you to have money to spend, without selling your hive.
  • So, if Hive appreciates in value over one year or two years, you will still share in that appreciation, even though you borrowed against it's value, because you still own the hive.
  • So if Hive doubles in value and your hive is worth 200 dollars, that complete value will belong to you.
  • All you have to do is pay the hive dollars back, along with a small fee of 0.5% and your hive will be returned to you.

Important features of Hive Bank or How the Hive Bank works.

  • The Hive Bank has two accounts:
    Hive Bank Deposit Account; holds all deposited hive, and all hive in this account is powered up or staked as hive power.
    Hive Bank Reserve Account holds the cash equivalent of all hive deposited in the deposit account, and it is not powered up.
  • This means the Hive Bank can always pay depositors who request wihthdrawals immediately.
  • All you have to do is pay the hive dollars back, along with a small fee of 0.5% and your hive will be returned to you.
  • This means that each dollar deposited in the deposit account is backed by a dollar in the reserve account.
  • This means that depositors don't have to wait for the 13 week power down time of hive power to get their deposits back.
  • This means that IF the Hive Bank deposit account is hacked or compromised depositors can still get 100% of their money back, from the reserve account.
  • This means the Hive bank can never become insolvent because all the depositors want their money back the same day, because the Hive bank will always hold enough hive to pay 100% of the depositors withdrawals.
  • In theory because of this bank characteristic there should never be a bank failure due to panicked wiithdrawals because the hive bank will always have enough hive on hand to pay depositors. So there is no reason to panic.
  • The depositors don't have to take the hive bank representatives word for it, they can look up the banks deposits and ledger on the blockchain.
  • The hive bank makes it's money on loan fees alone, not investing your money.
  • Because the loan fees are low, you can move money in and out cheaply.
  • Your money is always accounted for here.

Feedback

Ask me Anything AMA

  • How will the bank be capitolized?
    The bank will be 100% backed from the beginning.
    I will start with bank capitol of 15,000 hive and will accept 10,000 hive in deposits, in increments of 100 hive with 100 hive being the miimum and 500 hive being the maximum per investor. This will allow the bank to issue 5000 ive in hbd equivalent loans and still back all deposits one to one with hive.
    The bank deposits will be capped at 100 minimum deposit and 500 maximum deposit in increments of 100 hive.
    Phase one will stop at 15,000 hive in deposits. deposits during phase one of the hive bank project. which will be used as to issue micro loans 100 hive to 1000 hive deposits. convert hive to hive banked dollars when loans are made.
  • I will stop accepting hive deposits when the amount of deposits reaches 25,000 hive.
  • Once the bank reaches 25,000 in deposits I will also seek out additional hive for reserves and then accept further loans.
  • This simplicity in operation and fee structure of the bank means risk to depositors is low, because the bank doesn't worry about the volatility of hive, because we are just holding hive, so it's price doesn't matter to the bank because the loans are fully backed. we don't need to get the hbd back until you need your hive back.
  • The bank will incur risk by making advances of HBD on hive we are holding, so I will need to think about what makes USDT prifitable and immulate them.
  • Our ecosystenm is somewhat closed and there maybe additional value to bring to hive by opening the ecosystem up to other chains somehow.
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