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Visa Buys Plaid
211–220 of 333 posts
Re: Visa Buys Plaid
#212[deleted]
Re: Visa Buys Plaid
#213I support this big time. Plaid is a complete joke -- "give us your bank passwords and we'll validate your account". Banks are an even worse joke -- "20,000 logins today from one IP address, nope that's not a scam". Plaid customers are the worst. Like Transferwise, you cannot setup a business account with them without giving Plaid your business banking passwords. What company treasurer would allow that? Now that Visa…
working with banks every day how in the heck did this pass. WOW
Re: Visa Buys Plaid
#214Earlier quoted context omitted.
(I work for Privacy.com) We do use the Plaid Link widget (as do most other fintechs in the US). We don't touch credentials or handle the bank login page. Commentary about the state of the US banking system aside, Plaid is pretty much the industry standard way to do instant bank account verifications today. However, we also have options to link with debit card and account / routing number if you're not comfortable wit…
What about Yodlee? I'm under the impression that Yodlee is a bigger and much more established player here. Although Yodlee's API certainly isn't great.
I developed both Yodlee and Plaid integrations for a customer last year. I remember the Yodlee sales rep mentioning that over 75% of their supported institutions are direct API integrations. Now, this is coming from a sales rep so take it with a grain of salt.
Re: Visa Buys Plaid
#215Slightly off topic, but worth highlighting. Privacy virtual card use Plaid (well at least the last time I looked at it a few months back). The integration was extremely questionable. They were faking the bank’s login page. So when you enter your credentials, it wasn’t the actual banks page. There was a github issue opened, and after several followed up complaints they blocked further commenting and the removed then t…
(I work for Privacy.com) We do use the Plaid Link widget (as do most other fintechs in the US). We don't touch credentials or handle the bank login page. Commentary about the state of the US banking system aside, Plaid is pretty much the industry standard way to do instant bank account verifications today. However, we also have options to link with debit card and account / routing number if you're not comfortable wit…
literally this is how bad the industry is where this is an accepted practice? Wow Banks SUCK
Re: Visa Buys Plaid
#216Earlier quoted context omitted.
Here is pertinent verbiage from the Plaid Privacy Statement. Information we collect from your financial accounts. The information we receive from the financial product and service providers that maintain your financial accounts varies depending on the specific Plaid services developers use to power their applications, as well as the information made available by those providers. But, in general, we collect the follow…
I never used Plaid, but it reads like information used in typical bank application for credit. Why would anyone willingly share this much without get something major in return? Does Plaid bank the underbanked? I am not sure what their appeal is.
Simple. Just imagine that everybody is incredibly stupid and wants to be robbed and have their identity stolen. That's the target market.
Re: Visa Buys Plaid
#217Plaid scrapes bank credentials to enable challengers vs banks. VISA seems to be officially taking a stand with fintechs and challengers. So a bank can no longer piss off VISA & refuse scraping. But here's my bigger bet. Using this, VISA will launch a competitor to FICO.
It'll serve as a means for VISA to even more strategically target customers for its financial products/services.
Re: Visa Buys Plaid
#218Earlier quoted context omitted.
(I work for Privacy.com) We do use the Plaid Link widget (as do most other fintechs in the US). We don't touch credentials or handle the bank login page. Commentary about the state of the US banking system aside, Plaid is pretty much the industry standard way to do instant bank account verifications today. However, we also have options to link with debit card and account / routing number if you're not comfortable wit…
What about Yodlee? I'm under the impression that Yodlee is a bigger and much more established player here. Although Yodlee's API certainly isn't great.
It's been pretty widely reported that Yodlee sells user data to hedge funds and others. It's the main reason we didn't go with them.
Re: Visa Buys Plaid
#219Have to say I'm not a fan of Plaid at all. Dark patterns galore. Absolutely no indication when you go through a Plaid flow that you're likely giving away much more than just the bare minimum account numbers to push money in/out of your bank account. Often, you're also giving away transaction data, identity, real-time balance, etc. There's no way to know prior to linking your account. I had high hopes that would have…
2D chess is actually quite complicated.
Buying a company to get its most valuable assets is less complicated than that.
Re: Visa Buys Plaid
#220Earlier quoted context omitted.
The way Plaid works, I'm surprised that they hadn't already been shut down for breaking banks' TOS. It exposes the banks to so much liability for a product that's not even theirs.
I dislike Plaid & similar systems but I disagree. Enforcing stupid & unreasonable ToS in court is a slippery slope that can be used against users. You want to use an alternative client to export your data because the official client doesn't allow it? ToS violation and the developer of the alternative client gets sued. Want to screen-scrape some website to automate some tedious manual behaviour? ToS violation and you…
Most manual processes, I agree, automate away. But not the ones that have negative implications for security. I don't care whether it's the TOS or some other means that's used to prevent pw sharing, but it should be prevented. It is the bank's duty to protect its users, not to tolerate services that actively discourage safe practices like 2fa.