Translation, no, AI agents can not create their own bank accounts, but someone's spamming Hacker News to see if there's interest in creating a company to allow that.
With modern banking regulations and security procedures. I'm not even sure how that would be possible. Every bank account I've opened requires me to give them my photo ID and social security number, which AI agents don't have.
Meaning, YOU would have to give them YOUR ID to vouch for your agent, so this just means a human would be opening a bank account...which isn't new.
We're a regulated entity, and this is an industry first. Magnolia (magnolia.financial) currently services all 50 US states and EU, and we're funded by draper, boost, and a bunch of others.
We're a real company :) (with health insurance!)
> With modern banking regulations and security procedures. I'm not even sure how that would be possible. Every bank account I've opened requires me to give them my photo ID and social security number, which AI agents don't have.
It's literally my job to know how it's possible, and to offer that up as a service with generous fees! Appreciate the input tho.
You are correct, KYC rules must be followed, and once you're off the waitlist (which we threw up last minute to make sure this system wasn't abused by an influx of demand) you'll be able to go through typical banking steps you're familiar with. We use persona as our KYC vendor and are highly sensitive about PII exposure.
> human would be opening a bank account...which isn't new.
An agent could open this bank account if you prefer to give it access to your social, passport, etc -- entirely up to the individual's risk profile.
What is new is a whole interface designed for an ai agent with guard rails to ensure it doesn't get itself in trouble by violating obscure BSA laws. Magnolia's job has always been to handle the compliance.
Why do you have JavaScript disabled? That would break the vast majority of websites. Plus it's the opposite of private because it greatly narrows down the bucket of possible visitors you might be (since comparatively almost nobody does it), which ruins any attempt to randomize/un-unique your fingerprint.
I'm sure someone can make a verification parrot too. Why pull yourself up by the bootstraps when you can just strap a rocket engine on your boots instead?
How long before OpenClaw agents start running SaaS businesses all by themselves? Just set them up with VPS access, bank and social media accounts and let them loose.
You or a business with legal owners can have a bank account, and you can give access to that account to an agent, but real banks work in the real world, and "know your customer" regulations need a real person somewhere in the chain.
I wish I could properly cite it, but one of my favorite HN comments recently was, to paraphrase, "thing, but from the Internet". Which is to say that old rules don't apply, for some reason.
SmokeyHamster|18 days ago
Translation, no, AI agents can not create their own bank accounts, but someone's spamming Hacker News to see if there's interest in creating a company to allow that.
With modern banking regulations and security procedures. I'm not even sure how that would be possible. Every bank account I've opened requires me to give them my photo ID and social security number, which AI agents don't have.
Meaning, YOU would have to give them YOUR ID to vouch for your agent, so this just means a human would be opening a bank account...which isn't new.
arshbot|18 days ago
We're a real company :) (with health insurance!)
> With modern banking regulations and security procedures. I'm not even sure how that would be possible. Every bank account I've opened requires me to give them my photo ID and social security number, which AI agents don't have.
It's literally my job to know how it's possible, and to offer that up as a service with generous fees! Appreciate the input tho.
You are correct, KYC rules must be followed, and once you're off the waitlist (which we threw up last minute to make sure this system wasn't abused by an influx of demand) you'll be able to go through typical banking steps you're familiar with. We use persona as our KYC vendor and are highly sensitive about PII exposure.
> human would be opening a bank account...which isn't new.
An agent could open this bank account if you prefer to give it access to your social, passport, etc -- entirely up to the individual's risk profile.
What is new is a whole interface designed for an ai agent with guard rails to ensure it doesn't get itself in trouble by violating obscure BSA laws. Magnolia's job has always been to handle the compliance.
chrismorgan|18 days ago
> 0% Approval rate
> 0/7 API uptime
Sometimes I love stupid behaviour that appears when you have JavaScript disabled.
ranger_danger|18 days ago
arshbot|18 days ago
I just assumed tech enthusiasts who'd use this would be a more enlightened species
_--__--__|17 days ago
chrisjj|18 days ago
> Fill out your info and upload an ID.
Wait. Parrots have ID now?
> Get Verified
> Instant identity verification. Most approvals happen in seconds.
How does anyone verify a parrot?
mathstuf|18 days ago
fc417fc802|17 days ago
unknown|18 days ago
[deleted]
prerok|18 days ago
lbrito|18 days ago
ChrisMarshallNY|18 days ago
arshbot|18 days ago
bob1029|18 days ago
arshbot|18 days ago
https://www.fincen.gov/resources/statutes-and-regulations/ba...
MarsIronPI|18 days ago
This is all going to come crashing down somehow.
juancn|17 days ago
josefritzishere|17 days ago
wcarss|18 days ago
You or a business with legal owners can have a bank account, and you can give access to that account to an agent, but real banks work in the real world, and "know your customer" regulations need a real person somewhere in the chain.
But, hey, maybe I'm wrong.
hydrogen7800|18 days ago
kotaKat|18 days ago
arshbot|18 days ago
Liability always follows the human as has been the case with all tools, motor vehicles, and pets.