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Stripe Treasury

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Re: Stripe Treasury

#211

Post by yayr »

rsync wrote: post #204
nlh wrote: post #59

Earlier quoted context omitted.

This is SUPER cool - congrats on the launch! A few questions: Do you plan to offer Stripe Treasury to non-marketplace small businesses / individuals? I ask because the #1 thing I've been wanting for the past few years is basically Stripe Bank :) I hate Bank of America. I'm not happy with any of the other startup banks. And honestly, at this point my first instinct when seeing Stripe Treasury is "Imma just build my ow…

"I hate Bank of America. I'm not happy with any of the other startup banks. And honestly, at this point my first instinct when seeing Stripe Treasury is "Imma just build my own bank for myself!" (and that actually looks like a real possibility, at least technically)." I did this with Twilio - which is to say, I built my own little personal telco with Twilio. It's not without it's ups and downs but there are a lot of…

interesting - want to share a repo?

Re: Stripe Treasury

#212

Post by fifty_one »

yurishimo wrote: post #209
rsync wrote: post #204

Earlier quoted context omitted.

"I hate Bank of America. I'm not happy with any of the other startup banks. And honestly, at this point my first instinct when seeing Stripe Treasury is "Imma just build my own bank for myself!" (and that actually looks like a real possibility, at least technically)." I did this with Twilio - which is to say, I built my own little personal telco with Twilio. It's not without it's ups and downs but there are a lot of…

Can you elaborate on some of those telco superpowers? And perhaps some of the downsides as well? Curious more than anything!

I would also love to learn more! I've thought about doing this for a while now too and I'm curious how it turned out for you.

Re: Stripe Treasury

#213

Post by tfehring »

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?

My very speculative reading of this: Stripe needs to fulfill KYC/AML requirements for its own customers, but not for its customers' customers. If I own a store and accept payments via Stripe, Stripe needs information about me to help make sure I'm not using the money I receive for unseemly things. But if you visit my store and buy something and pay me via Stripe, Stripe doesn't need that same information about you.

If instead of running a store I'm running a bank or some other financial service, that all changes - in that case, someone has to verify your identity to fulfill KYC/AML requirements. Stripe doesn't trust me to do that myself, since it's hard and heavily regulated and it would be onerous for Stripe to make sure I and all their other customers are doing it properly. But now they'll outsource that responsibility to banks on my behalf.

Re: Stripe Treasury

#214

Post by leonardteo »

Question for others running marketplaces: how does Stripe Treasury and Connect play with other payment systems? Or they simply don’t?

The issue we have is that a large percentage of our customers want to pay with PayPal and I suppose in the future that will expand into other payment methods. Because of this we have to be payment method agnostic and we run both Stripe (for CC) and PayPal.

We’ve always been interested in things like Stripe Connect and I’m sure Treasury is interesting also but it all seems very Stripe-locked-in and would only work with payments going via Stripe (credit cards mostly and Apple Pay) which means that marketplaces that support PayPal are out? PayPal has its own marketplace product as well but again, that is too locked into the whole PayPal platform.

Re: Stripe Treasury

#215

Post by schainks »

anon589 wrote: post #63
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…

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 standard practice. There are expensive systems you can license that do this as correctly as possible, ensuring banned persons (due to sanctions, international most wanted lists, whatever) are not allowed to transact with your system.

Yes, they are black boxes, but they work pretty well considering banks all over the world use them.

Re: Stripe Treasury

#216

Post by roryokane »

gregsadetsky wrote: post #110
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"

Link to patio11’s comment: https://news.ycombinator.com/item?id=25291822

Re: Stripe Treasury

#217

Post by RileyJames »

This is the direction I hoped Xero would head, but unfortunately never quite made it. It has all the relationships in place to do so, and their software already handles these transactions at the accounting level.

It seemed as if the fear of disrupting banks/banking relationships won out against innovation. Rather than build the necessary product and commodity banking they’ve worked with the banks to build out their products.

I’m sure they’re still having a lot of meetings...

Congrats to stripe for getting it done. Huge effort.

Re: Stripe Treasury

#218

Post by lenitabinol »

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!

is Stripe merging with PSTH?

Re: Stripe Treasury

#219

Post by withinboredom »

vincentmarle wrote: post #128
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…

> This is good for the platform Just curious, who gets paid the interest on these accounts?

If you find a run-of-the-mill business account that pays interest, please share.

Re: Stripe Treasury

#220

Post by withinboredom »

leafmeal wrote: post #205
nlh wrote: post #59

Earlier quoted context omitted.

This is SUPER cool - congrats on the launch! A few questions: Do you plan to offer Stripe Treasury to non-marketplace small businesses / individuals? I ask because the #1 thing I've been wanting for the past few years is basically Stripe Bank :) I hate Bank of America. I'm not happy with any of the other startup banks. And honestly, at this point my first instinct when seeing Stripe Treasury is "Imma just build my ow…

I don't wanna try and sell it here, but I like and use simple.com. If you haven't tried it I recommend it.

In the EU, recommend Bunq for the same feels. (In the US, I used to use simple.com)
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