What integrations would you like to see in bank accounts?


#21

Yeah that would be nice. Integrations shouldn’t be overly complex, especially when working with clearing houses like QuickSuper and the likes. The complexity would come when trying to nail the user journey and how to manage the costs.

The user journey would be tough because I see that part of it would require a MyGov integration, which is not the easiest third party to integrate with and may disrupt an otherwise streamlined experience.

Costs is more of a business decision that Xinja would have to make if going down this path. Xinja would also need to ensure that the entire solution meets regulation and adheres to the ts and cs for the partner fund.

But all these could be worked out. Would love to see this happen :slight_smile:


#22

Again, what would Xinja do without you Jason.

Not sure why you wouldn’t see the value of seeing all your account balances in one place as a good thing.

I do tend to agree with you about my ‘partnership’ with a big 4 comment… perhaps the word partnership was a bad choice. It would need to be an ‘arrangement’. As mentioned, my current bank (small mutual bank) has an arrangement where members can visit any Westpac branch to make cash or cheque deposits into their account. That’s where it ends, there is no equity stake, just an arrangement.

I can also do these things at any Australia Post using bank@post.

I stand by the comment because I believe it is still needed. For example, I decide to sell my car. I prefer the buyer pays me cash (for obvious reasons) and now I’m walking around with $10k in my pocket. What do I do now? I go to Westpac or AusPost and deposit it into my savings account.

What do I do with Xinja??? Nothing I can do - hence my comment.


#23

Just thinking my end goal is to have Xinja as my main or perhaps only bank. How would we approach bank cheques?

For the rare but important occasions of settling a new car purchase or a house for example

A comment above about Bpay also reminds me of a product that some banks have that let you do a 1 press Bpay on bills linked to that account. Another identical idea was AusPost had a trial program where you got all partnering merchants to send the bills to them and you had a digital dashboard of what, when, to whom and view the ebill online.

I think it would be fantastic if I could use Xinja app and review all bills and pay from savings with a swipe to left for pay now and swipe right for schedule yoto pay X days before due date (x being user definable). AusPost trial didnt go far due to limited number of merchants agreeing to join platform. I am not suggesting to build a platform like AusPost did but to provide/piggyback a solution like the Bpay one offered for some banks.


#24

Yes I agree, I wonder how the user journey would be managed. It does seem as though there would be a few steps.

But I agree I would love to see this happen, especially because young people are often the ones who suffer most through lack of transparency, fees across lots of accounts (either admin or insurance).


#25

Not sure about issuing them and partnerships / integrations, but I do know Westpac have a feature that allows you to take a photo to deposit:

That would be a good idea I would’ve thought to have at least for one side of what you’re describing @XinjaPat :+1:

If you find the answer to the other side super keen to hear.


#26

Yes @brett me again. No rest for the wicked.

Just to confirm, so that both you know I read your comment and also to direct the point of discussion.

RE:

Not sure why you wouldn’t see the value of seeing all your account balances in one place as a good thing.

I do see value. You’re right. Viewing your total financial position (TFP) is useful and has value.

However, this thread per the title is about integrations. What you’ve appeared to suggest is a feature build by Xinja in their app. Unless I’ve misunderstood?

Just a note in case you’re looking for any, total financial position apps already exist, at least two I know of with bank integrations are:

Hope this helps clarify my above response and confusion Brett.

As for cash, Bank@Post seems like an interesting integration to facilitate cash requirements :+1: for Xinja.


#27

Yep, that’s exactly what I’m suggesting.

Right from inside the Xinja app I see the balance of my Xinja accounts and the balance of any other accounts I choose to connect to the app. My credit card app already offers this so its doable.

I access my banking app more than my credit card app so it’s be great to have it in the banking app.


#28

You’re 100% correct @XinjaPat

It doesn’t happen often, but it does happen. Reality is that not all vendors prefer electronic transfers so cash and cheques, while dying a slow death, will always be around.

So that being said I think it’s a mistake to neglect them. Xinja hasn’t categorically said they won’t ever offer a solution, just that it isn’t a priority. I’m the same as you though, it’s need to be in place before I consider moving my own banking across. There’s nothing worse than being hamstrung because you bank doesn’t have a solution (and trust me, I’ve been there - I’ve been with a credit union since I cancelled my CBA accounts back in the late 90’s and while they’re great now, that wasn’y always the case).


#29

Yeah I noticed these requirements as i moved from a bank to a credit union in recent years and the only reason to visit a branch was to get a bank cheque.

Maybe we can reframe the solution and have Xinja provide no surcharge transactions on large EFTPOS transactions to replace the need for a bank cheque as it’ll be digital and instant. Assuming we work through any daily limits and fraud protections for doing such transfers.

If it’s practical to the car dealership or real estate agent, I assume they’d prefer a digital solution than to have to hold your piece of $10 paper? Assuming Xinja account holders don’t cop a surcharge too


#30

Love the idea of reframing @XinjaPat for the future outcome! :+1:

Definitely for real estate (I can’t speak for cars) I am closely watching electronic settlements via Pexa, Sympli, LexTech et. al --> it’s pushing everything digital and EFT, away from cheques and paper. So good for Xinja to get a head start!


#31

Just revisiting the topic about invalid or wrong transfers due to tedious bsb and account numbers.

Will the bank account be under Xinja? Had someone transfer me money to the pre paid card and freak out thinking they sent it to the wrong person because it showed up as indue limited as the bank. After research I realised we are partnering with them for the prepaid card.


#32

Hi @XinjaPat! It’s Peta from the Xinjarati here! Happy Monday! :sunglasses:

You are absolutely right, at the moment we partner with Indue (the authorised deposit-taking institution that holds the prepaid card money).

Once we get our full banking licence, (fingers crossed) and release our own bank accounts, they will be under a Xinja account and BSB. That should eliminate any confusion! Woot! :ninja_emojis_pink_02:


#33

That would be awesome. Can’t wait :grin::+1:


#34

Correct Pat.

Until Xinja gets it’s full deposit taking licence they are required to partner (Rent) an organisation which has an ADI which is currently Indue.

Don’t worry this first threw me but I am comfortable now.

Secondly I believe the minimum transfer is $20 and anything under gets rejected/ returned. @XinjaNinja , please correct me if I am wrong with my assertion.

DJ


#35

Great ideas Jason!

Especially the financial literacy for the younger generation.

An alternative to pocketbook for personal budgeting is MoneyBrilliant which I personally have used for 4 years.

I believe is an independent product but AMP ventures (when they tried to invest in early stage fintech had a rough 5% ownership) which I hope may have been rounded down / sold once they killed off the business unit.


#36

Can confirm this is not correct (in regards to transfers under $20) I have sent to myself and also receive from others less than $20 transfers.

I believe the $20 limit is app based for top ups via card. BSB transfers dont seem to have a limit. At least I haven’t hit any minimum limit yet. Think it may be Xinja app limit and not a backend one.

Hope this helps


#37

Cheers Pat.

Appreciated!

DJ


#38

You’re correct @XinjaPat! Top up by debit card as a min $20, top up via bank transfer has no min limit!


#39

@nanoxinja and @XinjaPat beat me to it! Top up by debit card as a min $20, top up via bank transfer has no min limit. :sunglasses:


#40

Xinja fist bump!! Transfer money by just having the app running and tapping another phone that will recieve the funds. Hahaha.
:fist_right:t4::iphone::moneybag: