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Teller – API for your bank account

blog.teller.io

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Re: Teller – API for your bank account

#8
post #6

Not seeing terms of service or a privacy policy. Who's responsible when there's an error, or a transaction is processed twice or zero times? Is this really a scheme to obtain user data and sell it to advertisers?

Founder here. First of all, I'm honored the legendary John Nagle now knows about my startup! :)

Privacy policy and terms are linked to from https://teller.io/developer/beta

Privacy policy: https://teller.io/developer/privacy

Terms: https://teller.io/developer/terms

Payments APIs will be signed by the developer's private key (See more about that our auth scheme here https://blog.teller.io/2016/04/26/tauth.html) and transactional APIs will use idempotency tokens to prevent double processing.

This is not a scheme to sell anything to advertisers, it's a scheme to improve the quality of financial services for the highest number of people by providing developers with API access to bank accounts that banks should have provided themselves long ago!

Re: Teller – API for your bank account

#10
post #7

This is interesting and has great potential to grow when PSD2 goes live in EU (early 2018). I wonder what authors plans are regarding this.

My hypothesis is that PSD2 will not be the golden opportunity everyone hopes. Banks are an oligopoly and unfettered open access to their customers via open APIs is potentially a disaster for them. They have little to gain and everything to lose. When you consider this and then expect incumbent banks to act in their self-interest it follows that they will act to subvert the impact of PSD2, e.g. by fragmentation, lobbying for onerous requirements in order to consume them, etc. All of this is already happening, which is why I think there is an opportunity for Teller by truly aligning with developers and users.
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