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Stripe Treasury

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Re: Stripe Treasury

#151

Post by james2406 »

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, Thank you for dong this Q&A. Really interesting to see that Stripe is heading into the BaaS space!

Will you be offering any consumer loans solutions in the future?

Re: Stripe Treasury

#152

Post by nrmitchi »

hammock wrote: post #147
joshuakelly wrote: post #43

There's a reason "marketplaces" get a call out on this landing page. Every single startup that has to manage buyers and sellers ends up needing to implement their own bespoke "treasury" operations. There are other players in this space (Modern Treasury for example), but obviously the distinct Stripe advantage is integrating with the payment stack. This would have saved years of development efforts and maintenance on…

So now anyone can create their own Venmo app, and just use Stripe Treasury on the backend? What's the idea behind this?

Treasury at this time appears to be limited to businesses that serve other business, not businesses that serve end-users.

Obviously there is a lot of potential overlap there, but in those situations I suspect that the "rules" would be that you could use Treasury services for your "serving businesses" side, but not for your "end-consumer" side.

Re: Stripe Treasury

#153

Post by lambda_obrien »

closeparen wrote: post #134
lambda_obrien wrote: post #129

Earlier quoted context omitted.

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-...

I'm aware of that practice, and that's why I would hope that we could build something like the often talked about USPS bank, or whatever, so everyone can have equal access to real banking with no predatory practices.

Not that any gig companies are doing this yet, or even thought to do it, but I just don't like the idea of this being done in a "company scrips"-like fashion, there are some things that should be totally nuclear to the touch, and tying even more of your life to your company (in the USA you have medical, housing, food, etc. tied to your work) should be nuclear.

Re: Stripe Treasury

#155

Post by edwinwee »

ryanSrich wrote: post #142
mritchie712 wrote: post #70

Earlier quoted context omitted.

Atlas is pretty awesome too. Build a C Corp in a few minutes.

Atlas was priced right, but we had a negative experience with it. Document templates were wrong, spouses never got emails for signature, workflow steps were out of order, tax id issuance took very long, and on top of that they are extremely oversubscribed, so hearing back from their support team took a while. Atlas has a lot of potential, but needs a lot of work.

I'm really sorry that happened. We've invested a lot this year in making things smoother (incorporation is faster than ever and our Atlas support team has scaled up), but I'd like to see what went wrong in your case—and if we could prevent it from happening again. Could you email me at edwin@stripe.com?

Re: Stripe Treasury

#156

Post by mattcantstop »

toomuchtodo wrote: post #23
alexobenauer wrote: post #19

Earlier quoted context omitted.

This would be incredibly interesting. I have yet to find a bank for our business accounts that doesn't make me jump through ridiculous hoops to get basic things done.

I've had good luck with https://mercury.com for business banking.

Where is all the mercury.com spam coming from. I am highly skeptical this is organic.

Re: Stripe Treasury

#157

Post by toomuchtodo »

mattcantstop wrote: post #156
toomuchtodo wrote: post #23

Earlier quoted context omitted.

I've had good luck with https://mercury.com for business banking.

Where is all the mercury.com spam coming from. I am highly skeptical this is organic.

My comment comes from my own experience with the product, nothing more nothing less. I share so it can help others who have the need. Can’t speak for anyone else’s comments.

Re: Stripe Treasury

#158

Post by einpoklum »

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!

Hello Tara,

Do you allow transactions by and with users in states which the US is (illegally) imposing sanctions on? Like Iran?

Re: Stripe Treasury

#159

Post by conductr »

tempsy wrote: post #125
_alex_ wrote: post #109

Earlier quoted context omitted.

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

It’s a question of defensibility if some regulator came to you and asked why you allowed certain individuals through because a black box told you without any additional context. And I don’t think anyone builds their own KYC from ground up - it’s more whether you have context for a decision with your own vendor implementation vs a black box yes or no.

Isn’t it Stripe’s partner bank that is ultimately underwriting all the KYC on a platform like this? I assume they’ve signed off on how Stripe has implemented it so as to be sufficiently defensible

Re: Stripe Treasury

#160

Post by derefr »

gcblkjaidfj wrote: post #107
weego wrote: post #77

Earlier quoted context omitted.

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.

Which in turn means you benefit from everyone else who's already been stung. KYC solutions' risk:reward ratios start high, but asymptotically approach 0 as the provider learns from its customers' problems. If you're signing up for a well-established one, you're able to free-ride on all the learning that's already been done.
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