Add ACH Transfer - USA as payment method

[pazza83]

ACH Transfer - USA

Reference: https://en.wikipedia.org/wiki/ACH_Network

Background

For US users wanting to trade on Bisq using bank transfers (excluding thrid party methods like Zelle and Chase) they have two options:

• ACH
• Wire

Currently neither of these payment methods can be added to Bisq.

There is a workaround where they can be added as 'National Bank Transfer' however this is not ideal due to differences in fees and trade times.

It is a bit like a EU user using National Bank Transfer for a SEPA transfer, or a UK user using Faster Payments transfer. It does work but it is a poorer user experience.

I am proposing to add both Wire and ACH as separate payment methods in Bisq to improve user experience and hopefully increase trade volume.

Why

ACH Transfers are one of the two bank transfer payment method in the the US.

Region

USA

Currencies

USD

Chargeback risk

Low

Size of user base

300 million people have access to a bank account with Wire or ACH transfers.

Data requirements

• Account name — your name as it appears on your bank account
• Account number
• Account type: Checking or Savings
• ACH routing number
• Local US address

Verification

TLSNotary

Duration

Up to 3 business days. Therefore, recommend 5 days as trade time.

Fees

Anything from $0-3.

Users will be aware what it costs to send / receive an ACH transfer.

They are generally lower cost but slower than Wire Transfers.

Fraud risk

Low

Payment amounts

Within 0.25 BTC limit

[jimmyneutront]

I will be very interested in offering liquidity in the BTC/USD market if this payment method is implemented.

[pazza83]

ACH Transfer has been scored for inclusion to Bisq:

Essential	Desirable	Definite No’s
Very low risk of chargeback	No risk of chargeback	< very low risk of chargeback
Way to verify the sender in the received payment	Way to verify the sender in the received payment and ability to enter a reference	No way to verify the sender in the received payment
Trade time less than one week	Instant payment	Trade time more than one week
Singular Fiat currency	Multi-currency	Not a payment method for fiat currency
Significant user base	Large user base	No significant user base
High usability	High usability and great user experience	**< high amount usability~~
No KYC required for sending and receiving payments	**No KYC required for sending and receiving payments, allows users to trade with upmost privacy. Minimal identifying information as possible (no names, email, phone etc required)~~	Some KYC required (proof of address, ID, selfie) for sending and receiving payments
Low risk of scam attempts	Very low risk of scam attempts	< low risk of scam attempts
Traders can provide evidence of payment / receipt	Traders can provide evidence of payment / receipt and Verification of payment can be made using PageSigner or similar	Traders will be unable to provide evidence of payment / receipt
Minimum limit at least equal to at least account limits protocols	No minimum limits	Minimum limit not able to achieve account limits protocols
Maximum limits equal to at least 0.01 BTC	Large payment limits up to 2 BTC	Maximum limit is less than 0.01 BTC
Likely to increase liquidity	Likely to increase liquidity and open markets for different countries and currencies	Likely to decrease liquidity
Low risk of mediation	Very low risk of mediation	< low risk of mediation
Low risk for traders from government agencies	No risk for traders from government agencies	< low risk for traders from government agencies
Fees should not be a barrier to trading	No fees for transactions	Fees will be a barrier to trading
Only minor changes needed to trade protocol	No changes needed to trade protocol	> Minor changes needed to trade protocol

Score: 22/32
Percentage: 68.75%

[pazza83]

ACH Transfer - Proposed National Currency Payment Method

I am proposing that ACH Transfer to be added as a national currency payment method.

@refund-agent2, @huey735, @leo816 please let me know if you have any questions as to how ACH Transfer will be mediated / arbitrated. If you have any objection please let me know by 31 May 2021.

Date proposal being made: 01.05.21
Date feedback to be provided by: 01.05.21

Name of payment method: ACH Transfer

Required fields (eg)

Country: USA
Account owner full name
Account owner address
Bank name
Bank account number
ACH Routing number

Signing required: No

Regions accepted: USA

Currencies accepted: USD

Bisq Limits: eg 0.25 BTC

Trade window: 5 days

Any relevant information for mediators / arbitrators: No

Any relevant information for devs: No

Any relevant information for users: No

Screenshot of expected GUI: TBC

[pazza83]

Here is the XD for ACH, it should be straight forward to add:

[pazza83]

Information required for Bisq software strings:

Hi @jmacxx here are the details required:

Special info about any of the inputs required for creating the payment account:

When adding ACH as a payment method in Bisq users should make sure they are aware what it will costs to send and receive an ACH transfer.

Special items to be aware about when sending payments (for BTC Buyers):

Please send payment only to the payment details provided in the BTC Seller's account using ACH transfer.

Please ensure you are aware of what it will cost you to send a ACH transfer.

Special items to be aware about when receiving payments (for BTC Sellers):

Please checked that the payment is received from the BTC Buyer's account as an ACH transfer.

Please ensure you are aware of what it will cost you to receive a n ACH transfer.

[pazza83]

Wiki completed: https://bisq.wiki/ACH