[SmokeyHamster]

"join waitlist"

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]

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.

[toomuchtodo]

Can an irrevocable trust own the account? An LLC compute container could be the beneficiary with the LLC owned by the trust, potentially.

Trust (funding)->LLC (limited liability for compute operations, authority to orchestrate in meat space)->Trust

(a Montana LLC comes to mind, as beneficiaries can be anonymous, but Wyoming has superior charging order protections)

[salawat]

You need to stop materially misrepresenting your product. The Agent does not have a bank account. The customer does, and is integrating an executable to perform activities in the individual account holder's name. I assure you. That is a different beast entirely than what you are describing, and finance is so prone to being misunderstood, you aren't doing anyone any good faith favors. In fact, as a former participant in the sector, you're engaging in the vice of finance people everywhere; equivocation through jargon and telling people what they want to hear to get them on your fee schedule.

[ahazred8ta]

Perhaps if you clarified the situation where the agent is owned by and controls the finances of an incorporated entity, which can be vouched for by trustees.