41–50 of 265 posts
Partnering with companies such as Goldman Sachs is typically not a good look from an optics perspective - https://en.wikipedia.org/wiki/Goldman_Sachs_controversies
Hi everyone, I’m Tara, PM on Stripe Treasury. Treasury is a banking-as-a-service API for platforms—built in partnership with the world’s leading banks. Embed interest-earning accounts, bill pay, ACH and wire transfers, and faster access to revenue directly in your platform. Happy to answer any questions here—and I’d love to hear your feedback!
"Financial services" are verbatim not allowed by Stripe's Acceptable Use Policy. What kind of businesses are permitted to use Stripe Treasury? Which functionality is specifically provided (or anticipated to be provided) by Goldman Sachs Bank? The answer is probably a credit card. Who performs KYC? Is it Stripe FTEs, Stripe contractors, or a vendor? Is it Evolve's vendor? The answer is probably a vendor. When submitti…
Goldman Sachs is one of our financial partners for Stripe Treasury. Specifically, they provide custodial services for the money management accounts. For more details on this sort of thing, I'd recommend reading or having your lawyer read the contracts.
KYC goes through Stripe's processes. This is both operationally complicated and something that we generally do not go into detail on.
Given that the implementing SaaS business will control the UX around initiating a payment, they could control how much or little bookkeeping to do at time of a payment or transfer. Let me know if that doesn't answer the thrust of this question.
This would have saved years of development efforts and maintenance on treasury operations for my team at a previous gig (in the live events/ticketing space, who are probably going to read this comment - hi guys).
Is this multi currency or USD only? Does this mean I can store EUR alongside USD via my Stripe checkout sales, instead of being forced to convert immediately?
Depending on where you are, we may have like-for-like settlement available for you (allowing you to receive EUR to a EUR-denominated account you have and USD to a USD-denominated account you have, saving conversion fees). Write support@stripe.com for more details on whether it is available for you specifically.
Hi everyone, I’m Tara, PM on Stripe Treasury. Treasury is a banking-as-a-service API for platforms—built in partnership with the world’s leading banks. Embed interest-earning accounts, bill pay, ACH and wire transfers, and faster access to revenue directly in your platform. Happy to answer any questions here—and I’d love to hear your feedback!
The landing page doesn’t really explain what kinds of problems Treasury solves (may need some customer education since it’s so new) IIUC this is useful for marketplaces like Lyft/Uber/Shopify to automatically provision bank accounts for drivers and have money deposited in there? The value add is faster payouts? Can I use this as a replacement to plaid api? I.e open a bank account through stripe and use that as a way…
* Open loop wallets, like offering a “spend” account within your product that a user can either use to buy in-product purchases, or use the card/ach/wire functionality to buy external goods. E.g. a car leasing platform for drivers adds Treasury, drivers can use the wallet for discounts on car leases, also use the card to spend on gas.
* Product operations, like having a platform-level Treasury balance you use for reserves, chargebacks, and as glue to make your product flow work. E.g. On demand services marketplace that “buys items customers need and delivers it to their door” can issue cards from a central Treasury balance to their drivers, so that they can use a physical card to buy the burrito for the customer at the restaurant.
...but part of the point with Treasury is that we don’t know every use case prior, just like we didn’t know every way developers would use Stripe Connect (developers are pretty creative!). Our goal was to build for specific use cases, of course, but also build composable enough primitives that people could recombine them in ways we didn’t imagine. We wanted to make a tool that helped unlock developer creativity, because flexible tools were so lacking in the existing fintech infrastructure space.
I think you can tell a lot about a company by how well they do their documentation.
Would have been nice if stripe actually got into the consumer banking business instead of using existing big bank infrastructure. Probably could have spun off a separate entity for consumer banking and hook their treasury api into that system. Partnering with companies such as Goldman Sachs is typically not a good look from an optics perspective - https://en.wikipedia.org/wiki/Goldman_Sachs_controversies
Lol, as if having a 'Controversies' section on Wikipedia automatically precludes GS from being one of the best at what they do.
Also, a lot of this 'Optics' talk doesn't matter in the real world, which is why something like Marcus has been as successful as it is, and people have rushed to get the Apple Card.
Hi everyone, I’m Tara, PM on Stripe Treasury. Treasury is a banking-as-a-service API for platforms—built in partnership with the world’s leading banks. Embed interest-earning accounts, bill pay, ACH and wire transfers, and faster access to revenue directly in your platform. Happy to answer any questions here—and I’d love to hear your feedback!
Will this support paper checks that can be written on the spot by a client?
The accounts can also do both push and pull ACH payments.
While we do not currently support depositing checks into the accounts, we expect to soon, via “remote deposit capture.” You may have seen this sort of experience in mobile applications for many U.S. banks the last few years: take a picture, check gets deposited. If we offer this, we will do it in a fashion which minimizes the engineering work required by the software company, like we broadly try to minimize non-value-creating engineering work for our users.
Hi everyone, I’m Tara, PM on Stripe Treasury. Treasury is a banking-as-a-service API for platforms—built in partnership with the world’s leading banks. Embed interest-earning accounts, bill pay, ACH and wire transfers, and faster access to revenue directly in your platform. Happy to answer any questions here—and I’d love to hear your feedback!
When platforms carry float or help issue loans, do they make money?
Earlier quoted context omitted.
(Stepping in for Tara because she is currently dealing with a literal fire. Never a dull moment on launch day.) We're starting the limited beta for businesses serving businesses in the U.S., but our ambitions for products are always bringing them to all appropriate users on the internet. This is one reason why we partnered with global banks to launch this.
A literal fire? Sounds like a good story. Tell?