Reverie Reserve: The First Automated Banking Solution

“The first incarnation of the Reserve bubbled up in my mind while I was considering the operations of other banks and how they require bank tellers to verify deposits and issue withdrawals and how this had been the cause of many, many issues in the past on DemocracyCraft. It seemed to be such an inelegant, inefficient process to waste human labor on such dull tasks. It was then that I conceived of the initial divination of deposits and acts required to make a withdrawal. This method didn’t appear to be implemented by any other existing institutions, so I decided to create and implement it myself. The second main idea for Reverie Reserve came to me when I was working on another project. The problems arose when I wanted to accept payments for certain intangible goods delivered automatically and immediately on discord. The main way of doing this is having some kind of payment confirmation system where users will run a command with proof of their payment into the account and then a moderator would have to confirm or deny the payment’s authenticity which ideally is hooked up to automatically deliver the goods on acceptance. But this is very annoying to run and isn’t scaleable, you essentially need bank tellers confirming deposits if you want to handle any kind of payments for goods and services. This is a huge pain, especially if you want to make a fully automated system where users can purchase things quickly without needing to wait for a human to handle accepting your money. So I received the vision for payment requests, where businesses could call our API or send a discord message to us, and it would automatically create a request for the users funds that they could then accept or decline with the business being able to quickly and automatically respond to the result, not needing to worry about tracking user balances, credit etc.”

“The issues started with Volt, it immediately became clear something was wrong with the existing solutions when Volt, one of the largest banks, was failing to withdraw small amounts of funds <30k in a reasonable timeframe, putting its users at risk of being unable to pay for auctions which would result in them being fined and banned from auctions as they dangled their funds in the air for days. This kind of behaviour was ridiculous and outrageous, why is it so difficult for them to give a user back their rightful money. Volt has more recently come into further issues with it being forced to shut down its interest bearing accounts, clearly not all is well behind the scenes for Volt and I would advise everyone to think carefully about the risks and benefits of the bank they're depositing their money into. I also looked to BOR when the Reserve was not yet operational. Unfortunately, it took them over 48 hours merely to acknowledge my request for an account, and their fee structure was rather questionable. A $100 fee to open an account, and another $100 for every withdrawal, all for a service that took upwards of 24 hours. Banks are meant to provide convenience and fast, easy access to one's money, not lock it away while skimming from the top. DNB was the only bank I found at the time that offered an easy solution that I felt addressed my needs for money storage concerns. But it operates solely with in-game banknotes, preventing the automated features which businesses sorely need such as automatic payment verification, especially if the services they offer aren’t sold directly in-game. If you aren’t in-game you can’t easily turn your banknotes back into cash, whereas Reverie Reserve can withdraw from your bank account in seconds and this can be done at any time, anywhere just by messaging the bot on discord. DNB is also a riskier investment since if you lose the banknotes, you’re out of luck and cannot get your money back, we, on the other hand, can guarantee the security of your funds while they remain with us."

“It took around 3 weeks from beginning the initial plans for Reverie Reserve to its opening to the public. Most of the time spent was coding and testing the bot to ensure it was bug free so users would not have any issues with their money, which was of extreme importance.”

“Magic. It makes use of a number of proprietary rituals, scrying and incantations that serve to detect money inflows and induce manifestation of funds in the human world. Know that our active monitoring ensures that all payments made are associated with a clear and true transaction of Redmont dollars.”

“We guarantee the security of users’ funds through multiple methods. Our primary is that we operate as at a 100% reserve ratio meaning that we will always have at least as much money in our DB as all of our depositors have stored with us, so even if all depositors ran the bank at the same time, we would have enough money to cover all withdrawals. In addition, currently only one user (me) has access to the bank’s DB reducing the risk of third parties running away with the cash. Every transaction that occurs with the bank is securely logged so that we can have a clear paper trail in case issues arise. These logs are kept safe and visible only to me.”

“Instant withdrawals and deposits are the main hook, no need to wait for a bank teller to perform unnecessary and leave their money in limbo for days. But payment requests are one of my personal favourite features, with them other businesses don’t have to worry about building their own deposit and verification system, they can simply request payment from the user using our API/private channel and have us handle verification and transference of the money to them. We also do not charge end users any fees on our core banking services, if you want a simple, fast and easy solution to storing your money safely, Reverie Reserve is the bank for you.”

“Our payroll system is a new robust and secure way to keep track of paying employees in a timely fashion so once an employee’s payment schedule is registered, the manager doesn’t have to worry about handing out money to everyone on time, the bank will do that for them and keep them in the loop. We have reminders over when employees are getting paid and help to ensure they have enough in their bank accounts and tracking to see who’s been paid how much and when. Business owners can easily set things up to automatically pay over any specified time period (or delegate that responsibility to another employee).”

“Overall it has been quite positive, we are growing steadily, already safely securing over 250k of depositors’ funds and have been contacted for undisclosed investments from a large firm. We are currently working with integrating with other businesses to grant them access to instant deposits to their own in-game accounts along with other payment verification features.”