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Visa and Plaid Abandon Merger After Antitrust Division’s Suit to Block

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Re: Visa and Plaid Abandon Merger After Antitrust Division’s Suit to Block

#271

Post by [deleted] »

sbeller wrote: post #187
thekyle wrote: post #151

Earlier quoted context omitted.

I don't buy this. If I give someone a check (which has an account number on it) that doesn't mean they get to withdraw whatever they want from my bank account. What bank in the U.S. wont reverse fraudulent ACH debits?

handing out your login credentials is like giving a blanko check with your signature on it already. > What bank in the U.S. wont reverse fraudulent ACH debits? If you admit to handing out signed blank checks, I would hope that most if not all banks would at least have a discussion with you about how you may be not the customer they are looking for.

[deleted]

Re: Visa and Plaid Abandon Merger After Antitrust Division’s Suit to Block

#272

Post by skinnymuch »

hntrader wrote: post #234
chishaku wrote: post #122

Earlier quoted context omitted.

because you sign a 5b deal and then do due diligence

not exactly the same situation but it happened with NKLA and GM, insufficient due diligence on what was vaporware. mistakes like that can happen.

That’s not the same at all. GM wasn’t losing anything in their original NKLA deal. While Visa would have spent billions.

Re: Visa and Plaid Abandon Merger After Antitrust Division’s Suit to Block

#273

Post by tazard »

o-__-o wrote: post #254
milesskorpen wrote: post #237

Earlier quoted context omitted.

Fortunately, Plaid doesn’t sell your transaction history, so this isn’t a concern.

READ: https://plaid.com/legal/#consumers

Any chance you could point me to something more specific? From your link I found this:

> We do not sell or rent personal information that we collect.

Re: Visa and Plaid Abandon Merger After Antitrust Division’s Suit to Block

#274

Post by milesskorpen »

Cederfjard wrote: post #249
milesskorpen wrote: post #237

Earlier quoted context omitted.

Fortunately, Plaid doesn’t sell your transaction history, so this isn’t a concern.

Going by what was posted further up in the thread, that seems to be what TD Bank alleges in their suit?

If you authenticate with via Plaid, then the broker pays plaid money and the broker gets your bank information. So I suppose in a sense that's "selling your data," but I don't think that's what people are concerned about: You explicitly sign into the mortgage broker to give them data!

What Plaid has said on record they DON'T do is take that data they provided to the broker, bundle it up, and then sell it to marketing firms or hedge funds or other random third parties for which the user didn't explicitly ask their data to be shared.

See: https://www.americanbanker.com/news/lawsuit-against-plaid-he...

“Plaid does not sell and has never sold consumers’ personal information or data. Consumer data is obtained and used with consumer consent. Plaid believes strongly that consumers should have permission-based access to and control over their financial data, and embodies these principles in its practices."

That's pretty strong language.

Re: Visa and Plaid Abandon Merger After Antitrust Division’s Suit to Block

#275

Post by buckminster »

overscore wrote: post #262
martinald wrote: post #257

Earlier quoted context omitted.

I think it would be highly unlikely the UK would regress on open banking. It's been a cornerstone of a lot of govt policy for banking.

I guess the question is what you mean by "open banking". Initially, in the UK, that phrase referred to the FCA's implementation of the PSD2 requirement for banks to allow a secure mechanism of access to third parties. I think that this definition of open banking has already regressed post-Brexit, from the absence of passporting. UK firms and banks are no longer able to interoperate with EU firms and banks, and PSD2 n…

"Open banking" and "cross-border banking" are two different things. The UK will definitely continue to have open banking. The UK-EU banking relationship is still up for negotiation. (I'm not hopeful though.)

Re: Visa and Plaid Abandon Merger After Antitrust Division’s Suit to Block

#277

Post by desireco42 »

themacguffinman wrote: post #172
desireco42 wrote: post #87

I am surprised Plaid is a business. It is a bunch of scripts of dubious security. How businesses are coming on board with that is worrisome. On the other hand, if we could have standard API and let people integrate services, totally welcome that. But let's not pretend this is anything like that. If you know something more, please educate me.

Consider it market proof of how much demand there was for API integration that this suboptimal hack was viable. "Proper" APIs will follow; For example, Fidelity built a proper system (Fidelity Access) in response to all the screen scraping. The Fed is now also standardizing some kind of API I think.

That is what I mean. They have investors, if business model is such that can disappear in few year, what is the point of investing in them.

Re: Visa and Plaid Abandon Merger After Antitrust Division’s Suit to Block

#278

Post by overscore »

buckminster wrote: post #275
overscore wrote: post #262

Earlier quoted context omitted.

I guess the question is what you mean by "open banking". Initially, in the UK, that phrase referred to the FCA's implementation of the PSD2 requirement for banks to allow a secure mechanism of access to third parties. I think that this definition of open banking has already regressed post-Brexit, from the absence of passporting. UK firms and banks are no longer able to interoperate with EU firms and banks, and PSD2 n…

"Open banking" and "cross-border banking" are two different things. The UK will definitely continue to have open banking. The UK-EU banking relationship is still up for negotiation. (I'm not hopeful though.)

> The UK will definitely continue to have open banking.

As discussed elsewhere in this thread, this requires a definition of "open banking" which is separate from PSD2 and not what the phrase commonly meant until now. The distinction isn't between "open banking" and "cross-border banking" - the distinction is between:

* PSD2 compliant "open banking" between TPPs and ASPSPs,

* Some banks in the UK must have APIs "open banking".

Up until January 1st, the phrase "open banking" referred to the former. The latter may become accepted as the definition in the UK, but it is materially different to the original meaning.

Re: Visa and Plaid Abandon Merger After Antitrust Division’s Suit to Block

#279

Post by doikor »

74639497 wrote: post #276

I gave them access to my bank via coinbase. If I change my bank password would they lose access to my account? If not, what do I need to do to make Plaid lose my banking access?

Wait you actually login to a bank using a password? It’s all single use codes from a booklet or two factor application here in Finland (and has been for decades now)

(And the two factor is the kind where you input a pin code every time)

Re: Visa and Plaid Abandon Merger After Antitrust Division’s Suit to Block

#280

Post by sangnoir »

tazard wrote: post #273
o-__-o wrote: post #254

Earlier quoted context omitted.

READ: https://plaid.com/legal/#consumers

Any chance you could point me to something more specific? From your link I found this: > We do not sell or rent personal information that we collect.

Alternative title to this thread is "Plaid fails to sell customer data to Visa" (along with code, and the rest of the company). Consumers, as well as Plaid, have no idea where this data is going to end up ultimately, depending on who winds up getting control of Plaid. What are the odds of Private Equity acquiring Plaid and "leveraging synergies" with the pay-day loan company in their portfolio? I think the odds are greater than zero.
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