alt Hacker NewsThe bank has to perform the authorization and identity checks, but the bank will not make them for you, they do them for themselves based on their own risk analysis. The scope of authorization could also be different based on who it's presented to.
The authorization is not transitive so to say.
>As an aside, I suspect that leaving it to the bank would also provide additional legal protection
If it would, they will have to pay the bank for it and the bank should also be willing to accept the liability (spoiler alert -- the will not be willing to accept the liability)
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afferi300rina • today at 8:29 AM
Google wants the authority of a gatekeeper without the overhead of human accountability. They automate the "no" but offer no path to a human "yes."
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> The bank has to perform the authorization and identity checks, but the bank will not make them for you
We aren't talking about authorization, only about identity verification. I'm no domain expert but it is my understanding that banks provide these sorts of services. They certainly already have all the necessary information on hand both for practical reasons (security) as well as legal (KYC and AML laws).
> If it would, they will have to pay the bank for it ...
For the identity verification? Probably, depending on how you went about it. What's the issue? This is already a paid process we're talking about here.
For the additional legal assurance that I described? No, that doesn't cost extra. Please read what I wrote more carefully. It's a transitive property due to the penalties involved in addition to the degree to which the legal system and the bank care (at least assuming my understanding of that legal environment is correct).