**Updated as of 11/13/2024. Amounts in USD
Oct 11th , 2024
We have sent out the 6th round of debt payments today! As previously mentioned, these are still in paper check format, so allow 7-10 days for processing. We’ve continued to add more supported institutions, and have additional new ones queued for an initial payment. Once receipt is confirmed, we open support for all holders to submit debt reapings to that institution.
Sept 4th , 2024
The 3rd round of debt payments were mailed out today for RPR token holders. We’ve seen great success with the most recent payments getting applied since the architecture changes and have further opened the beta testing group. RPR token holders that are US citizens and have gone through the KYC process in the debt reaping application can submit a debt to be reaped and once approved apply their voting power towards it.
Aug 2nd , 2024
We’ve just successfully sent out our first batch of debt payments using traditional paper checks! However, there may be some delays in processing due to the current architecture relies on an institution’s routing number, which in some cases have been a corporate office/headquarters and not the preferred address for processing payments. We’ll be making some adjustments to the application in the coming days to ensure payments get delivered to the most appropriate location for each institution and liability type.
March 18th , 2024
The challenges for submitting digital payments to RPR token holders debts has been tough, but we’re committed to making our vision come to reality. ACH payments have not been reliable, as we don’t get enough characters in the payment memo to ensure it’s applied to the proper liability account. As a short term workaround (until better real-time payments become available), we’re going to plan to implement a traditional paper check method for debt payments. This is something new for our payment processor as well, and we’re working together to build, test, and deploy this capability in the coming months.
Jan 31, 2024
We have successfully tested our Debt Reaping application in our payment processor’s development environment. As a result, we’ve gained access to their production environment, allowing us to integrate with live banking systems. We are also wrapping up batch processing of payments, and implementing a method for manual verifications for debts that aren’t supported by Plaid.
Dec 29, 2023
We are moving forward with test payments to the Smoke Testing group, and will set aside their debt reaping amounts from this Reaping. The payments will not be made same-day, but within the next two weeks. Many banks may not process on the weekends so we will also be analyzing payment throughput and potentially move the ‘Reaping Day’ to Mondays in the future if it smooths the process. To be clear, not all Beta Testers will receive test payments this round; only the Smoke Test group. The Smoke Testers will receive test payments relative to their own vote.
Thanks everyone for your continued patience.
Dec 19, 2023
Two years after our initial launch announcement, there is no more fitting time to announce the Integrated-Beta phase of our keystone product. You may now log into: https://customer.development.dashboard.reaper.financial
You may connect your KYC/AML data as well as one Liability if you choose. Assigning debt and token votes is open; however, your vote towards your liability will not be applied until it is phased in during further beta testing. Our 52nd Reaping was a ‘Token Only’ vote, in which we tested to ensure our legacy product of Burn-as-a-Service has made the transition to our new voting system. Any votes applied to Debt will not count during the 52nd Reaping.
Looking forward, we will begin intermittent testing of payments to liabilities of U.S. customers only in small amounts over the next 2-4 weeks. Once we are satisfied with the internal process of sending transactions through our payment processor, we will begin integrating U.S. customer’s Debt Reaping into the live Reaping vote, starting with the participants from the closed beta.
**Please understand that this is a Beta, and by connecting personal data, you are taking the risk upon yourself. The KYC system gathers Date of Bith, Address, Name and Wallet Address, which are encrypted. Bank account information is stored securely within the Plaid system. An incursion is unlikely; however, the possibility is never zero. The risks associated with a data leak are also low, but not zero. Penetration testing is ongoing.
***Reaper Financial has a specific Telegram channel for support and bug reports. Debt Reaping Bugs: https://t.me/+fcXlyDMLfFUzYWFh There is no other Reaper Financial ‘Support Page,’ especially not on X (Twitter) or Facebook. We will NEVER ask for your Seed, Secret Key, Bank Account Numbers, Identification. We will NEVER ask you to send a transaction, nor will we contact you first for any reason through any social media. When in doubt, please verify that you are speaking to a real Reaper Financial representative and do not share any form of credentials over any social media or messaging medium.
Nov 15, 2023
Our developers have hired on and on-boarded two news Dev-Ops engineers for the AWS deployment, they have just started but the full deployment to AWS should be done this week. We will be phasing out the old voting system and replacing it piece by piece with the new one as soon as the new environment is ready. The Beta testers will be first to have the benefit of full debt Reaping, and as we can accommodate we will roll out access to the general public while remaining in Open Beta until we feel comfortable with all systems.
Nov 9, 2023
We are doing the internal dev tests this week and expect to bring in live hosting Beta by Monday. We’ve been in Beta, but are transitioning from closed hosting on a test bed to live hosting on AWS.
Aug 17, 2023
Thank you to all of the Reaper holders. Reaper is now beginning traditional method debt reaping test payments with employees. When that test is successfully completed, Reaper will move to traditional method testing with the Beta Test Group. Thank you to those who are part of beta testing.
Aug 13, 2023
Thank you to all the Reaper holders. We have an internal schedule for a Trad Fi roll out of debt reaping that is going well and is right on track, as we continue moving towards our automated debt reaping solution. There’s nothing specific to update right now, but we’ll be sure to post it in Telegram when there is.
Everyone on the Reaper, Ascension and ARK teams is working day and night to bring all these things forward. We’re so excited for what’s happening. We’ll have the Ascension and Reaper websites updated with the new Ascension Whitepaper v3.0 as soon as we can get to it on the list. Our first ASC vote event is so exciting, as we offer wBTC, wETH and wLTC to be RAINed to tokens.
July 27, 2023
We are currently at a 95% solution to begin our DeFi debt reaping stage.
We have also found a very promising new payment processor and are progressing well with that relationship.
At the same time, we will be implementing a Traditional Finance solution that will enable us to begin debt reaping in the near term as we finish development of the DeFi solution.
July 10, 2023
Our CEO, Patrick Riley, is in negotiations with a number of payment processors and our development team is working full time on back end programming.
Things are moving forward well, and the team is excited about the developments and partnerships.
For those in the Beta: Thank you for being involved. At this time, we’re asking participants to hold tight until the backend for the new payment processors is programmed in. Each processor has a completely different system. We’ll most likely start debt reaping with the U.S, and then continue to add payment processors until we have global coverage.
Important Notice: Our website is presently undergoing beta testing.
If you encounter any difficulties while accessing or using our site, please do not hesitate to get in touch with us.
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