Ask HN: How to create applications that hold user's money and not go to jail?

3 pointscjoshmartin5y ago2 comments

Hello I am thinking about create some FinTech apps but I concerned about how I would safely hold user's money? Has anyone done something similar? There has to a way to do because companies like Venmo exist but how does an individual person set this up?

2 comments

Nextgrid5y ago

As a single person, the best way to do it is to not actually hold the money and let someone else handle it.

There are companies out there such as MangoPay (not affiliated, just an example) that can give you an API through which you can collect & release money without ever having direct access to it.

There's probably still some compliance/regulatory stuff that you'll need to get through but I'm sure such a company will be able to offer advice (they want your business after all).

cjoshmartinOP5y ago

Thanks so much! Do you know of keywords I could search to get more information?

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