Often the simplest ideas are the best.Inter-operability among banks is a simple idea. In a weird foreign place where your local bank hasn't set up shop, you really ought to be able to use a local bank to deposit/withdraw money.
Why this system doesn't already exist has greatly puzzled the government of The Imperial Commonwealth of Libraria and Ausitoria. And so, to increase the range of the banks that sign up, or the governments which sign them up, and to make life much simpler for tourists and businessmen when they're abroad; we forthwith present the solution: Commonwealth Connect. Banks that sign up allow their customers to withdraw and deposit money from their accounts in all other banks signed up and vice versa.
(For a small profitable fee, of course).
Terms and conditions
1. Customers of any bank signed up to Commonwealth Connect shall be permitted to deposit/withdraw money from any other bank signed up as though it was their own bank, in accordance with the terms and conditions of their own bank.
2. For customers to deposit/withdraw money, banks signed up should provide partner banks and their customers with sufficient information to be able to promptly verify the identity of customers. Such information may be provided by providing Customers with appropriate inter-operable credit/debit cards and operating standardized ATMs. Such information shall be protected by the appropriate privacy laws and regulations covering the banks involved in any transaction.
3. The bank where a customer deposits/withdraws money may charge an administrative fee of up to 0.05% of the value of the money deposited/withdrawn. (That's 1 cent per $20).
4. The customer's bank account may charge an administrative fee of up to 0.05% of the value of the money deposited/withdrawn.
5. Commonwealth Connect may charge an administrative fee of up to 0.001% of the value of money deposited/withdraw to ensure the proper fulfillment of terms and conditions.
6. Banks exiting Commonwealth Connect shall be required to give at least one week's notice so as not to discombobulate customers.
7. Banks shall accurately inform Commonwealth Connect of which nations they operate in when Commonwealth Connect asks them.
8. As a registered Ausitorian Bank, Commonwealth Connect is protected by Ausitorian and WA law and copyright.Sign up Today!
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Have you read and understood the terms and conditions?
Please list the nations you are operating in:
Please sign here to be admitted:
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Have you read and understood the terms and conditions?
Do you agree to require all headquartered banks in your country to take part in Commonwealth Connect and abide by the terms and conditions?
Please say by when you will require your banks to be compliant (if not immediate):
Once you have signed up, please feel free to add this logo to your bank's storefront:
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[url=http://forum.nationstates.net/viewtopic.php?p=17280954#p17280954][img]http://img440.imageshack.us/img440/5585/z08j.jpg[/img][/url]Financial Profitability
Taking an average nation with a GDP of 10 trillion, assuming 10% is a result of tourism, assuming that such profit is a result of five times that sum of money changing hands (a conservative estimate of the velocity of money), assuming that a fifth of that is withdrawn via signed-up banks from a person from abroad, and permitting a 0.05% administrative fee, revenue generated should be around 500 million. Extra administrative costs should be lower for any competent bank.
Current Operations
