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Can anyone here explain to me how financial transactions are processed on the internet ? I failed to find any good ressource, what I'm asking is in terms of protocols and communication between servers, what do I need to know in order to send money from a credit card to a bank account. I'm doing it for legitimate reasons, I want to open a small business online and don't want to rely on a third party to take care of the payment, I want to host everything on my own server.

>>11325 >I want to open a small business online and don't want to rely on a third party to take care of the payment, I want to host everything on my own server. Check out GNU Taler, it does just that. https://taler.net/en/

>>11326 If I get paid in imaginary dollars I can only exchange for currency at one specific place, then what I have is no longer money. I'm disappointed to see GNU stoop that low. Even assuming their implementation is perfect and the consumer will get the same experience using Taler as he would paying with VISA, the idea is still flawed by design.

>>11327 >If I get paid in imaginary dollars I can only exchange for currency at one specific place, then what I have is no longer money. Did you even read about it for more than a minute? If I recall properly, Taler is able to store any currency, no matter if it is USD, EUR, bitcoin or rocks. >Even assuming their implementation is perfect and the consumer will get the same experience using Taler as he would paying with VISA, the idea is still flawed by design. What design, what are you talking about? I think it is just an ordinary payment system.

>>11328 >If I recall properly, Taler is able to store any currency, no matter if it is USD, EUR, bitcoin or rocks On the first page of the documentation, they explain : >Customers will use traditional money transfers to send money to a digital Exchange and in return receive (anonymized) digital cash >Merchants can redeem the digital cash for traditional money at the digital Exchange As far as I'm concerned, what is being exchanged between the customer and the merchant isn't money, since I'm reliant on their exchange to trade their "digital cash" for real money.

>>11329 >As far as I'm concerned, what is being exchanged between the customer and the merchant isn't money, since I'm reliant on their exchange to trade their "digital cash" for real money. I'm too tired to discuss this today, but I'm sure it is done wisely - they have to obey local laws and they even sent the code to external security auditor. Picrel from their website shows the exchange process is verified. Read the docs, I'm sure it is explained somewhere: https://taler.net/en/docs.html If not, ask them on IRC or something. If you're OP, then reading it can answer your questions and because it is free software, you can easily check how it is implemented.

>>11330 I don't see why anyone would pick your solution over crypto or Paypal. But I'm interested in understanding how financial transactions work under the hood, so your solution doesn't interest me. As for the whole business thing, I said I wanted to open one, not that I already had one, it's not something I'm hired to do so I don't have to do it in the most effective way. By the way if there's any website where I can ask that sort of question and get answered I would appreciate it.

>>11329 Its all monopoly money. Fiat just has more public trust. Whats important here is fees, reliability and volatility. The problem with secondary middle currencies is mainly volatility. I dont know your country but generally refunds have to be in same currency and value as payment. If you use a fluctuating middle currency like btc people can use you to offload risk speculating. If the currency falls they keep the goods. If it rises they refund and take the value increase for themselves. This is why sellers want to avoid it. As for the original question as i understand there is no standard for this. There are lots of competing apis and banks have their own stuff too. The best starting point might be checking out what your bank offers. If you want easy sales you also want paypal support which requries a bussiness account, they have an api to make orders too. You just need to enable it. I think generally nobody wants you to code everything yourself because they primarily see the liability to deal with you once you get hacked.

>>11331 >I don't see why anyone would pick your solution over crypto or Paypal. Paypal isn't self-hosted and crypto is unstable, prone to speculations and not widely adopted. Taler offers privacy, is self-hosted and gives you freedom to modify, study, etc. You wanted to have something you can host on your server and I proposed it. If you don't see how it fits your needs, you can ask Paypal how it works and use it instead. You can also try buying a commercial banking system, but considering you have no business yet, they won't sell it to you. The licenses for soykaf like this cost probably millions and the systems are likely proprietary. >But I'm interested in understanding how financial transactions work under the hood, so your solution doesn't interest me. Low chances of getting to know it, unless someone on lainchan worked/works in a bank and doesn't mind going to jail for telling you. I proposed Taler, because it is probably the only existing freely, licensed software for dealing with real money not being a cryptocurrency, I'm aware of.

>>11333 You're not wrong but your solution is so far away from what I had in mind it doesn't interest me. I guess this is a good example of what's lost in communication.

>>11335 i'm assuming you want a way to charge credit cards directly? like what paypal or square does on the back end? to my knowledge that requires a business agreement with the credit card company. not really the kind of thing you can do if you aren't a huge corporation. could be wrong though. look into how small gas stations and such are able to process credit cards. i'm assuming they contract a third party but maybe not.

>>11332 >As for the original question as i understand there is no standard for this. How do the banks process the payments then ? If there are several competing standards, does that mean the banks have to accept all of them ? From what I read nobody in their right mind would try to do that kind of thing themselves. There isn't really a reason for someone to want to communicate with a bank's server other than to hack it, so it makes sense I shouldn't be able to.

>>11343 Other way, banks made their own apis without a common standard first. Then there was a unification attempt but nobody was really interested in paying more money to comply than others. So the talks went into the usual direction of lets make the standard in a way everyone already complies. There was legislation that went in effect 2019 called PSD2 that demands certain functionality from banks. Might find better detail looking for that.

>>11344 I ended up finding ISO 8583 which is I guess what I was searching for.