Stripe Identity • Hacker News Board

Re: Stripe Identity

#241

Post by boringg » Mon, Jun 14, 2021, 4:56 PM UTC

gwright wrote: post #227

boringg wrote: post #198

Earlier quoted context omitted.

The idea of going public is to raise another round of financing for the company while being able to get liquidity for private shareholders. It is not necessarily to create value going forward. The best option is for the company to raise a good deal from the public markets (high valuation on limited equity) and then execute successfully without needing to raise again. If they do need to raise again they have hopefully…

> It is not necessarily to create value going forward Not sure where you are going with that thought. A business that isn't creating value is going out of business or selling to someone who has an idea of how to use its assets to create value.

Actually not all companies create value. Monopolies create profits through pricing distortions but not necessarily value. My point is that creating value is not a key component of a company going public.

In this current moment I would wager that if you are suggesting that you will create value in the market going forward you will get a great return on your investor dollars but you may not actually execute that value creation. (relevant news: lordstown motors)

Re: Stripe Identity

#242

Post by varispeed » Mon, Jun 14, 2021, 4:57 PM UTC

whimsicalism wrote: post #220

varispeed wrote: post #203

Earlier quoted context omitted.

Sadly out of reach for small projects. For example if you had a site with 100k users, you'd barely cover server costs with Ad Sense. $150k to check all of them? Would never happen :/ Maybe if they could pay for verification themselves?

If you're not offering a service for $, why do you need to verify identity? What is the usecase? This strikes me as classic HN bikeshedding.

Spam and other malicious behaviour. It's time consuming for mods to block spammers.

Instagram also don't charge users and yet they verify identity.

Re: Stripe Identity

#243

Post by motohagiography » Mon, Jun 14, 2021, 4:57 PM UTC

Smart. Banks haven't been allowed to monetize their KYC data, but this new non-bank class of payments companies have this opportunity. Interac has been trying to do this for many years.

Some years ago I worked on a system let banks do identity assertions with proofs via SAML attributes instead of sharing customer PII. It is now a federation of banks in wide use for govt services in Canada. The use cases were really limited because the federation partners were too conservative to extend the identity services to relying party consumer applications real people actually wanted to use, and institutional sales cycles meant product feedback was glacial, so it has existed for over a decade in this relative backwater of gov-tech. I think identity companies have mostly failed to get traction because of a terminal lack of consumer sexiness, whereas Stripe has the jelly.

Other companies in the identity space have been working on protocols and platforms, but none of them had a user base to extend an identity federation services into, which means they have never been able to make a real or viable product, just interesting techs. An internet payment provider with young consumer traction getting into identity is a Very Big Deal.

It's going to position Stripe to knock out a lot of retail banks who can't offer similar services. Imo, this could make them bigger than Apple.

Re: Stripe Identity

#244

Post by sublimefire » Mon, Jun 14, 2021, 4:57 PM UTC

There is still some room for improvement:

* country code search - allow to search by a full country name or by other types of code. Was searching for Ireland and "irl", "ire" does not yield any results, only a direct match to "ie" does.

* "Provide personal information" - could default to the country where the text message went or at least could have a search instead of a

Not sure if it is possible but some of the orgs will ask to limit the phone numbers to just one region, e.g. only UK. I know I need to RTFM

Re: Stripe Identity

#245

Post by jaywalk » Mon, Jun 14, 2021, 4:58 PM UTC

jabo wrote: post #125

andy_ppp wrote: post #90

Earlier quoted context omitted.

If only Stripe would start a pre-ipo stock market. I guess only incumbent regulation prevents this, it’s not a technology problem.

I believe Carta already does this: https://cartax.com/

I'm sure OP was implying "for retail investors" in his wish. Carta is just another way for rich people to access things that are only available to rich people.

Re: Stripe Identity

#246

Post by 0xFACEFEED » Mon, Jun 14, 2021, 4:58 PM UTC

ankurpatel wrote: post #235

ngoel36 wrote: post #2

I've never seen a company release incredible products with as high velocity as Stripe has over the last few years. Truly incredible. $1.50/user may sound outrageously expensive at first, but having seen all the engineering power it takes to build something like this at Uber...it's a totally fair price.

The tech stack has something to do with it. Stripe has such high velocity because of Ruby on Rails.

lol!

When are we as a community going to move past treating frameworks/languages/tools as a silver bullet? Frameworks don't make teams better; good management, technical leadership, and great infrastructure does.

Re: Stripe Identity

#247

Post by mousetree » Mon, Jun 14, 2021, 4:59 PM UTC

pbowyer wrote: post #66

At work we do eIDV of customers and we tested 5 companies. One was quality but too expensive and required too large commitments; two couldn't detect badly photoshopped frauds we threw together, another couldn't detect a printed or on-screen copy of a document being captured (vs the real document - difficult to do, but important). The fifth which we're using can detect printed copies of documents around half the time,…

Very curious to hear your results. In the past we used Onfido but eventually switched to Jumio. This was mostly due to Jumio performing better with Passport and VISA documents. We may in future move to Persona as we use them for SSN verifications and their customer support / account management team is fantastic.

Re: Stripe Identity

#248

Post by FearlessNebula » Mon, Jun 14, 2021, 4:59 PM UTC

anonymouse008 wrote: post #143

kgraves wrote: post #46

Earlier quoted context omitted.

how are mobile notifications on the web going for iOS?

Said it in another thread -- SMS's are a tangibly better user experience. You get to say stop in the moment, instead of searching through opaque settings... you can set DND to certain numbers for certain times... The whole ecosystem is there and very few are playing with it.

SMS aren’t encrypted. I don’t want my mobile carrier knowing whatever sensitive data is being sent as a push notification.

Re: Stripe Identity

#249

Post by [deleted] » Mon, Jun 14, 2021, 5:00 PM UTC

tchalla wrote: post #87

edwinwee wrote: post #74

Earlier quoted context omitted.

No. 1. Stripe cares tremendously about and knows the importance of security—we’ve learned a lot from securely processing hundreds of billions of dollars in payments annually, and Identity is built from those learnings. ( https://stripe.com/docs/security/stripe ). 2. Any biometric identifiers that are created to perform the verification are never stored or retained—they are fully removed from all of our systems within…

Well, I don't believe what Stripe (or anyone) says; I believe what you do. Does Stripe have a legal contract with users that says something to the effect of "if it does 1 and 2 above (by mistake or by choice doesn't matter) - that they will be liable for it". If not, all the support documents and technical security documentation is moot. I want to see "skin in the game" by Stripe. If you're so sure about "security" s…

[deleted]

Re: Stripe Identity

#250

Post by franciscop » Mon, Jun 14, 2021, 5:01 PM UTC

rokobobo wrote: post #41

f38zf5vdt wrote: post #34

Does Stripe intend to make a giant online database of international identity documents? Why should we trust Stripe to secure these? It could be Equifax levels of problematic if there would be a intrusion, but I also can't tell how Stripe plans to use this information.

I never wanted Equifax to have any of my data, and yet here we are. After the breach, I wouldn’t ever be a paying customer to them if I had a choice. (Indirectly, I am still a “customer” in the sense that they probably still have my data and get new data about me—but apart from canceling all my cards, not sure what choice I have). In comparison, Stripe seems to charge for each product it offers. I think that’s a more…

Vote for representatives that pass laws similar to the GDPR but for USA? If Equifax or you were EU-liable, you could ask them to show, modify or remove any and all of your data.