Challenges in building neobank infrastructure
summary
Distills a decade into concrete steps using the Sila demo app: clone, npm install, register in the Sila sandbox, call the APIs to onboard users, KYC/OFAC, link accounts via Plaid for instant account verification, and push/pull ACH. Key constraints: US payments remain ACH/cards/wires (cards ~$7T/yr, ACH ~$70T/yr, wires ~$2T/day), ledger unit is cents, ACH has an ACH 0–60 day return window that creates settlement risk, and go-live often happens in weeks when using sponsor-bank and best‑of‑breed partners.
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chapters (32)
- 0:00Intro
- 0:37Shamirs background
- 3:17New banking
- 10:29Basic neobank wallet app
- 11:23How to clone the demo app
- 14:27Why KYC
- 16:33KYC requirements
- 16:54How to verify SSN
- 17:52Bank compliance decision
- 18:37Is KYC legal
- 21:17KYC and OFAC
- 22:11Mustafa Kamal
- 22:51Documentary vs nondocumentary KYC
- 24:36Merchants dont need KYC
- 25:22Online use cases
- 26:21Linking a bank account
- 28:08Fraud
- 31:13ACH debit
- 31:51ACH lifecycle
- 37:20Sandbox
- 38:16Redeem
- 39:30Cila
- 40:13What about international transfers
- 41:44What can I answer for you guys
- 44:49Are you worried about competition
- 46:37Where does this go
- 48:49What made it to Shamir to start Silla
- 50:43Competitors
- 53:11Reg E
- 54:26First party fraud
- 57:21Monitoring transactions
- 58:42Economics
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