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Stripe Treasury

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Re: Stripe Treasury

#101

Post by senko »

patio11 wrote: post #91
senko wrote: post #87

Earlier quoted context omitted.

I'm not reading it as criticism. Considering Stripe forbids financial services in their t&c's, and this allows Stripe users to implement financial services, the question is, what kind of financial services are now allowed? Would be great to hear a few use cases for Treasury that can't be done with existing Connect platform (and which fall within t&c's). Genuinely curious.

Suppose a driver for a rideshare app wants to pay their car payment. Stripe Connect can't be used to hold funds from many rides for a month; they have to pay it out to a bank account (which they might not have) or to a disbursement card, which (because loan repayments are generally not paid on a card in the U.S.) likely doesn't solve their problem without withdrawing cash and buying a money order. That is extra effor…

Thanks! This makes sense, we could've definitely used it on a project a while ago (ended up using Connect but had to modify the product to accommodate).

Re: Stripe Treasury

#102

Post by ArtWomb »

Truly remarkable service. I am sure this is not the intended use case, but am wondering if it would be possible to build an experimental stock (or alternative capital asset) exchange with Stripe Treasury? It seems as though all the pieces are included. Including interest rollover, and potentially margin trading accounts.

Re: Stripe Treasury

#103

Post by an_opabinia »

patio11 wrote: post #91
senko wrote: post #87

Earlier quoted context omitted.

I'm not reading it as criticism. Considering Stripe forbids financial services in their t&c's, and this allows Stripe users to implement financial services, the question is, what kind of financial services are now allowed? Would be great to hear a few use cases for Treasury that can't be done with existing Connect platform (and which fall within t&c's). Genuinely curious.

Suppose a driver for a rideshare app wants to pay their car payment. Stripe Connect can't be used to hold funds from many rides for a month; they have to pay it out to a bank account (which they might not have) or to a disbursement card, which (because loan repayments are generally not paid on a card in the U.S.) likely doesn't solve their problem without withdrawing cash and buying a money order. That is extra effor…

If my rideshare platform also lends or leases vehicles to its drivers, would Stripe Treasury permit the drivers to repay the loan or lease via the driver's treasury account where they get paid? Does regular Stripe support paying back loans or leases?

When I say permit, I mean from an acceptable use point of view, not an engineering point of view.

Re: Stripe Treasury

#104

Post by [deleted] »

tarstarr wrote: post #53
scop wrote: post #20

Super interesting from a business perspective, but can’t help but think of the personal front too. While it may be difficult to execute safely/cheaply, just the idea rolling my own personal checking account is phenomenal.

Stripe Treasury currently supports businesses whose customers make business use of the platform. We are interested in innovation in personal financial services, too, but see more need currently from B2B platforms. We will see how things develop as we improve this offering!

[deleted]

Re: Stripe Treasury

#105

Post by bastawhiz »

shreygupta wrote: post #52
tarstarr wrote: post #5

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!

Hi Tara! First off, I've never posted on HN before, but I felt so obligated to write this because this solves so many of the challenges my team has been going through building our application. I'm wondering if students under 18 are permitted under the TOS? I can see how this product will change the open banking game and fill so many gaps in. Thank you for building this!

If you sign up for Stripe and you're under 18, you'll be required to have a person 18 years or older register as the business representative for your account (usually a parent or guardian). Depending on your country, the age requirement may vary.

If you're under 13, you are not allowed to use Stripe at all regardless of what country you're in.

Re: Stripe Treasury

#106

Post by OldHand2018 »

patio11 wrote: post #89
OldHand2018 wrote: post #76

Does this service allow anyone that is legally allowed to participate in the US financial system? Or is it limited to people that your partner banks "want" to deal with? I'm thinking about the unbanked and others that financial institutions tend to not want to deal with. Living in a large city, I've seen plenty of people that use gift cards, transit cards, etc as their "bank" because bank services are unavailable or…

We are extremely in favor of making financial services available to more people in more places at lower cost and with less arbitrary restrictions. That said, we won’t be able to solve this problem singlehandedly in a day; Stripe Treasury is presently only for businesses serving businesses. As an infrastructure provider, we are also reliant on our users building the platforms their communities need. Fees matter for bu…

> Stripe Treasury is presently only for businesses serving businesses.

I missed that. Thank you for replying!

Re: Stripe Treasury

#107

Post by gcblkjaidfj »

weego wrote: post #77
anon589 wrote: post #63

Earlier quoted context omitted.

Outsourcing KYC is a questionable decision though - I’m wondering how much of a black box that is or you get the same info as if you implemented it yourself. There’s always false negatives for systems like this, and if Stripe wrongly tells you someone is good then are you liable for acting on that decision?

Outsourcing KYC is essential if you want preventative measures. Having your own just allows you to learn from getting stung.

Corollary: Outsourcing KYC means they learn from you getting stung.

Re: Stripe Treasury

#108

Post by smallnamespace »

pbalau wrote: post #99
patio11 wrote: post #42

Earlier quoted context omitted.

Stripe Treasury does not violate our terms, and allows SaaS platforms (and similar) to provide their business users with access to capabilities which are regulated with those capabilities fulfilled by entities with the appropriate licensing and backed by our financial partners. This is similar to how our Connect product lets our regulated entity do money transmission on behalf of a demand economy company without them…

> Stripe Treasury does not violate our terms, and allows SaaS platforms (and similar) to provide their business users with access to capabilities which are regulated with those capabilities fulfilled by entities with the appropriate licensing and backed by our financial partners. Ha? What does this mean?

I read it as:

> ... provide their business users with access to capabilities which are regulated_,_ with those capabilities fulfilled by entities with the appropriate licensing ...

Short version: we do the hard things for you so you don't have to. Correction welcome if that comma doesn't convey the intended meaning.

Re: Stripe Treasury

#109

Post by _alex_ »

weego wrote: post #77
anon589 wrote: post #63

Earlier quoted context omitted.

Outsourcing KYC is a questionable decision though - I’m wondering how much of a black box that is or you get the same info as if you implemented it yourself. There’s always false negatives for systems like this, and if Stripe wrongly tells you someone is good then are you liable for acting on that decision?

Outsourcing KYC is essential if you want preventative measures. Having your own just allows you to learn from getting stung.

So much this. I would have zero interest in building out kyc vs having stripe do it for me

Re: Stripe Treasury

#110

Post by gregsadetsky »

jeremymcanally wrote: post #8

I look forward to the GitHub project that makes a one-click to deploy to Heroku your own "bank" using this. :) I haven't dug into their terms, but is there any reason you couldn't create effectively a bank of one customer (or even just your family?) with this, backed by their larger institutions? Issue your own debit cards, the works?

patio11 elsewhere here: "Stripe Treasury is presently only for businesses serving businesses"
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