Global banking: banks without rejections to owners in accessing funds regardless of location, method, and means to accessing their own funds.

Glossary:

  • Banks = organizations whose business is safekeeping of funds for others
  • eBanker = software that replaced bankers to automate account management
  • eBanks = banks whose retail services are provided only via Internet

 Overview of Conditions for Global Banking

  • Independent Access: whether an owner can access one's money at any moment
  • Anywhere: whether an owner can access one's money from anywhere
    • Availability of eBankers without geo-fencing outside of a country
    • Independence from geo-fenced services such as SMS over PSTN
    • Independence from OS vendors such as Android/Apple Apps
    • Independence from web app vendors such as Google/Apple logins
  • Merchant of Choice: whether an owner can give own money to anyone
    • Chime (eBanker of Bancorp Bank) used international network to transact from a country without sanction against Syria/Russia that allowed the owner to give money to a grocery store and a coffee shop and a telecom vendor in U.A.E. and in Qatar who were using a card processing machine purchased from Syria; and the same problems arose while in Mongolia that is next to Russia
    • Bank of America failed to give money upon order
    • Capital One failed to give money upon order
    • Varo (eBank) failed initially, but after 2FA with U.S. VoIP number that works globally with any type of internet access, later worked after SMS verification
  • Device of Choice: whether an owner can handle own money via any device
  • Payment Method of Choice: available payment options for the owner
    • Personal Check
    • Bank Checks (aka Certified/Cashier's Cheque or Money Order)
    • International Bank Check (aka Traveler's Cheque)
    • ACH Transfer or eCheck
    • Wire Transfer
    • eCarrier (digital version of Brinks or Dunbar): Zelle, Pop Money

Potential Solutions for Globals

  • Bitcoin has been becoming the government independent currency that were being accepted by many ATMs and online merchants. However, its "ability as a currency" has still been limited due to government restrictions and its volatile exchange rates against other tax currencies.
    • Visa and MasterCard and American Express have been disabled in payment processing for non-governmental currencies including Bitcoin after RU-UA war began.
    • UnionPay has been blocked, for U.S. banks and for U.S. accounts at foreign banks, from processing Bitcoin payment.
  • Currently being tested:
    • FinStack 1: offshore banking + Visa/MC + global spending
    • FinStack 2: crypto wallet + UnionPay + global spending