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November 05, 2010
by Joshua Reich

Launch Status Update

simple guilloche

There’s a lot we could talk about while BankSimple is under development. I recently asked our Twitter followers what they’d like to hear from us next. Unsurprisingly, the resounding response was “when are you going to launch!?” We’re happy that people are as eager as we are to see BankSimple get off the ground.

As we talked about in our blog post about our funding and next steps, we need to lock down our banking partners before we go live. We’re much closer to announcing our launch partners than we were a month ago, but still not quite there yet.

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There’s just under 8,000 banks in America. With the financial crisis still playing out, that number keeps shrinking. The continuing turmoil in banking has thrown a few challenges in our way, but those challenges were not unexpected. We’ve known all along that finding stable, forward-thinking banks to work with wasn’t going to be easy.

We’re not looking to partner with just any bank. Our partners need to share our vision for simpler banking with no surprise fees. They need to have a technology infrastructure that supports the features that we think banking customers like you deserve.

We’re currently talking to some stellar potential partners. The banks that we’re engaged with agree that banking needs improvement, and are looking to join us in an effort fix it. They have agreed to follow our lead by removing fees from the products that we will jointly offer. What’s more, they have the technology in place to let us deliver on our promised customer experience. We’re still in the final stages of negotiation, so we can’t announce these potential partners yet, but we’re eager to do so soon.

We’re still on the rough launch schedule that we’ve set for ourselves. The card networks do not launch new programs between November and January, so we’re using this time period to finalize our deals. In the meantime, we’re working away on the parts of our system that don’t require connections to partner banks and services.

One thing that we’ve learned over the past eighteen months is that the unexpected happens. As soon as we finalize the launch date, we’ll blog it, tweet it, and shout it from the rooftops. Until then, we hope we can count on your continued patience and feedback as we get ready to rock the banking world.