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Stripe Treasury

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Re: Stripe Treasury

#231

Post by strogonoff »

pbalau wrote: post #130
smallnamespace wrote: post #108

Earlier quoted context omitted.

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.

The comma I got on my own, after some time. I'm still not clear on what those capabilities are .

Capabilities = stuff described on the landing page. If you provide that stuff yourself, you’d be breaking Stripe’s terms. If you use Stripe’s mechanisms, which under the hood delegate to entities Stripe trusts, you’d be fine. (IANAL.)

Re: Stripe Treasury

#232

Post by OliverGilan »

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…

Please write a blog post or something similar explaining what exactly you’ve done because it sounds fascinating and would love to learn more

Re: Stripe Treasury

#233

Post by zaroth »

I've been thinking about this in the back of my head all day. I think this is a really big deal, if it's being done the way I imagine.

"Embedding financial services" as an API is essentially an Identity service that ties directly into your platform. This opens the door for a lot of very cool stuff.

I'm definitely hoping to get an invite to beta test this.

Re: Stripe Treasury

#234

Post by rogerthat_au »

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!

Do you have a time frame on when it'll be rolled out internationally e.g. UK or Singapore?

Re: Stripe Treasury

#235

Post by jacquesm »

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?

Hello anon589, no, it is the only right thing to do. Proper KYC is a thing that only works at scale, just like fraud prevention. Without access to amounts of data much larger than what any single company (even a larger one) sees you are simply going to learn all of the available lessons the hard way. KYC and UBO tracing are specialist jobs that a smaller entity will not be able to do even remotely as good as a larger one, especially not if that larger one has access to many other parties just like yours.

Re: Stripe Treasury

#236

Post by jacquesm »

cambalache wrote: post #164
JxLS-cpgbe0 wrote: post #133

Earlier quoted context omitted.

> 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?

Stripe's business ethics policy. That policy has 2 clauses.A)Generate more money. B) Generate more publicity. The rest is glitter to bamboozle you.

Try not to be an asshole. The Stripe founders are probably the most ethical players in the payment space and if you make claims like the ones above you should at least provide some examples or evidence.

I've worked in and for PSPs for many years, if everybody in that space had the business ethics that the Stripe founders had that part of the domain would have a much better name than it does.

For some background on why I believe this is the case read up on Paypal, CCBill, IBill and many others besides.

Re: Stripe Treasury

#237

Post by efz00 »

lenitabinol wrote: post #218
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?

Yes

Re: Stripe Treasury

#238

Post by futhey »

jdmichal wrote: post #176
conductr wrote: post #159

Earlier quoted context omitted.

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

Ding ding. Notice to open the Treasury account, you need to specify the bank. Stripe is not owning the accounts, the bank is, so KYC is pushed to them. EDIT: For those that think that just opening the accounts as Stripe would be a workaround, the answer to that is "beneficial ownership" and is part of KYC.

Ah, this is illuminating. So the built an API to interface developers with existing bank infrastructure (likely to support their own operations).

They're not the treasury, they're the link that doesn't require me to be a huge entity with bargaining power to convince a bank to partner with me.

Re: Stripe Treasury

#239

Post by akrymski »

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…

Why would you provide ticket sellers with their own bank accounts? Why not send their funds straight to their actual bank accounts?

Re: Stripe Treasury

#240

Post by akrymski »

Marketplaces holding on to my funds for longer than necessary seems like a dark pattern. Why would a Shopify seller want this? If I wanted a bank account - I'd go to a bank.

Conceptually this reminds me of embedded messaging: every app provides its own inbox, instead of properly integrating with my email inbox. More walled gardens.

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