We're a regulated entity, and this is an industry first. Magnolia (magnolia.financial) currently services all 50 US states and EU, and we're funded by draper, boost, and a bunch of others.
We're a real company :) (with health insurance!)
> With modern banking regulations and security procedures. I'm not even sure how that would be possible. Every bank account I've opened requires me to give them my photo ID and social security number, which AI agents don't have.
It's literally my job to know how it's possible, and to offer that up as a service with generous fees! Appreciate the input tho.
You are correct, KYC rules must be followed, and once you're off the waitlist (which we threw up last minute to make sure this system wasn't abused by an influx of demand) you'll be able to go through typical banking steps you're familiar with. We use persona as our KYC vendor and are highly sensitive about PII exposure.
> human would be opening a bank account...which isn't new.
An agent could open this bank account if you prefer to give it access to your social, passport, etc -- entirely up to the individual's risk profile.
What is new is a whole interface designed for an ai agent with guard rails to ensure it doesn't get itself in trouble by violating obscure BSA laws. Magnolia's job has always been to handle the compliance.