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Stripe Treasury

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Re: Stripe Treasury

#131

Post by runako »

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, congratulations on the launch!

Do you intend to allow Treasury to be used to build new bank storefronts? For example, could someone build a slick mobile app and website and use Treasury to launch a B2B "bank", complete with FDIC insurance? Would it be acceptable to launch an offering like mercury.com entirely powered by Treasury?

Or is the intent to only allow Treasury as an adjunct to a "real" business?

Thanks!

Re: Stripe Treasury

#132

Post by [deleted] »

bavell wrote: post #95
patio11 wrote: post #91

Earlier quoted context omitted.

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…

Wouldn't it be way easier and better for the driver to just open a bank account? Why would they want to tie something as important as making car payments to their ephemeral gig work?

[deleted]

Re: Stripe Treasury

#133

Post by JxLS-cpgbe0 »

patio11 wrote: post #42
an_opabinia wrote: post #13

Earlier quoted context omitted.

"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…

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…

> Goldman Sachs is one of our financial partners for Stripe Treasury

Does Goldman Sachs' misreporting of millions of transactions to the FCA align with Stripe's business ethics policy?

Re: Stripe Treasury

#134

Post by closeparen »

lambda_obrien wrote: post #129
closeparen wrote: post #112

Earlier quoted context omitted.

Many people don’t want or cannot get real bank accounts, e.g. because they can’t sustain the minimum balance, have been blacklisted for bouncing checks, or it just isn’t the norm in their community.

It's kind of a slippery slope to start letting employers hold pay in an account they control... reminds me of the union busting articles on the top right now, with Facebook building employee housing now, the idea you brought up is the next step towards the "Facebook Store" and scrips. I understand some people have trouble banking, but the answer should then be for us to ensure they can have equal access to banking, n…

Agreed. But this is not some gig economy thing... when an institution needs to pay you and you don't have direct deposit, often they will send you a prepaid debit card instead of a check. Even the federal government does this [0]. These cards tend to have predatory fees.

[0] https://www.irs.gov/newsroom/economic-impact-payments-being-...

Re: Stripe Treasury

#135

Post by adrr »

tarstarr wrote: post #48
jabart wrote: post #21

Earlier quoted context omitted.

Will this support paper checks that can be written on the spot by a client?

Money management accounts created with Stripe Treasury can send bill payments, which depending on the payee may be delivered entirely electronically or as checks. We have no current intentions of making printable paper checks a feature, but please get in touch if you have a compelling use case for that that isn’t solved by online bill pay. The accounts can also do both push and pull ACH payments. While we do not curr…

Curious how customer support works? There’s a dispute for an ACH pull, who is handling the dispute, I’d assume the bank that has the charter? Same goes with remote check deposit, someone has to verify the check.

Re: Stripe Treasury

#136

Post by anaganisk »

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?

Isn't that just regular banking with extra steps? I mean how different is it from asking a bank for its api access?

Re: Stripe Treasury

#137

Post by cdnsteve »

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!

Any ETA when this will be available in Canada? I'd like to learn more.

Re: Stripe Treasury

#138

Post by jskajakzkjx »

JxLS-cpgbe0 wrote: post #133
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…

> Goldman Sachs is one of our financial partners for Stripe Treasury Does Goldman Sachs' misreporting of millions of transactions to the FCA align with Stripe's business ethics policy?

Is that something that happened in the past or some plans Goldman has announced for the future?

Re: Stripe Treasury

#139

Post by robertlagrant »

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?

This was the first thing I thought of!

Re: Stripe Treasury

#140

Post by Kye »

cplantijn wrote: post #64

This announcement comes very close to Atlanta entrepreneur/rapper Micheal Render (Killer Mike)'s Greenwood bank, a grassroots black owned bank. I wonder if they are using Stripe Treasury as their banking platform. Bank: https://bankgreenwood.com/

I don't see anything about who they bank with on the site other than it's FDIC insured.
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