Comments on: Open source Banking http://www.prelovac.com/vladimir/open-source-banking Web 2.0, Web Analytics, WordPress SEO Sat, 07 Nov 2009 15:10:06 -0600 hourly 1 By: Castle Toyshttp://www.prelovac.com/vladimir/open-source-banking/comment-page-1#comment-15209 Castle Toys http://www.prelovac.com/vladimir/?p=720#comment-15209 Love where you going with this. Love your work! Love where you going with this. Love your work!

]]> By: jamesbenhttp://www.prelovac.com/vladimir/open-source-banking/comment-page-1#comment-6406 jamesben http://www.prelovac.com/vladimir/?p=720#comment-6406 it's a danger world,yesterday i didn't look to my money,and second day ,may be i would shout:wheres my money,where? i bought fund from bank in CHINA,and i have shouted!!!! wheres my money,,,,,, terrible it's a danger world,yesterday i didn't look to my money,and second day ,may be i would shout:wheres my money,where?
i bought fund from bank in CHINA,and i have shouted!!!!
wheres my money,,,,,,
terrible

]]> By: Vladimirhttp://www.prelovac.com/vladimir/open-source-banking/comment-page-1#comment-5792 Vladimir http://www.prelovac.com/vladimir/?p=720#comment-5792 Just found this to add to the discussion: http://www.globalideasbank.org/site/bank/idea.php?ideaId=5204 Just found this to add to the discussion: http://www.globalideasbank.org/site/bank/idea.php?ideaId=5204

]]> By: Vladimirhttp://www.prelovac.com/vladimir/open-source-banking/comment-page-1#comment-5791 Vladimir http://www.prelovac.com/vladimir/?p=720#comment-5791 Abang: I am aware that interests are the primary source of income, and I do not have anything against that. I just cringe at the idea of taking several percents provision fee for providing a service such is money transfer.Hyder: Well the question of holding someone responsible is just dug deeply into how open source works. Who is taken responsible if your Linux (open source) does not work properly? No one. It's the risk you take. But that does not prevent it becoming second most popular operating system. Or a new open source browser - Google Chrome. Or way wikipedia works is still beyond imagination of many people. Abang: I am aware that interests are the primary source of income, and I do not have anything against that. I just cringe at the idea of taking several percents provision fee for providing a service such is money transfer.

Hyder: Well the question of holding someone responsible is just dug deeply into how open source works. Who is taken responsible if your Linux (open source) does not work properly? No one. It's the risk you take. But that does not prevent it becoming second most popular operating system. Or a new open source browser - Google Chrome. Or way wikipedia works is still beyond imagination of many people.

]]> By: Abang Longhttp://www.prelovac.com/vladimir/open-source-banking/comment-page-1#comment-5790 Abang Long http://www.prelovac.com/vladimir/?p=720#comment-5790 Actually, the banks are making money not only by imposing that controversial fees. There are other channel as well and they group them into non-fee-based income and fee-based income. Most of the profit is contributed by the interest they charged to their borrowers. Another major income is from overnight interest they earn for placing their funds at the Central Bank, World Bank and other financial institutions providing repo placement or forex trading services. Actually, the banks are making money not only by imposing that controversial fees. There are other channel as well and they group them into non-fee-based income and fee-based income. Most of the profit is contributed by the interest they charged to their borrowers. Another major income is from overnight interest they earn for placing their funds at the Central Bank, World Bank and other financial institutions providing repo placement or forex trading services.

]]> By: Hyderhttp://www.prelovac.com/vladimir/open-source-banking/comment-page-1#comment-5784 Hyder http://www.prelovac.com/vladimir/?p=720#comment-5784 The idea is good... but who manages the transactions?... i wouldn't want my transactions open-sourced! That'd be really scary! And who would you hold responsible if a customer information is compromised?Also, there's another big issue with online-only banking... without a dedicated brick and mortor branch, verifying one's identity comes with obstacles of its own. I can send in a copy of my documents but how does the management know it's not photoshoped?!In the case of paypal, it's not really banking, just a transaction medium between existing bank accounts. I'll ask around to see if an open-source solution is possible... like I said, the idea is good! The idea is good... but who manages the transactions?... i wouldn't want my transactions open-sourced! That'd be really scary! And who would you hold responsible if a customer information is compromised?

Also, there's another big issue with online-only banking... without a dedicated brick and mortor branch, verifying one's identity comes with obstacles of its own. I can send in a copy of my documents but how does the management know it's not photoshoped?!

In the case of paypal, it's not really banking, just a transaction medium between existing bank accounts. I'll ask around to see if an open-source solution is possible... like I said, the idea is good!

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