Plaid CEO has some words for Stripe: https://twitter.com/zachperret/status/1521898404061716480
Stripe Financial Connections
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Re: Stripe Financial Connections
#62[]
This kind of comment throwing shade on your competitors does not reflect well on you or your companies.
People want alternatives to Plaid. How do you know they are simply wrapping 3rd parties instead of building these deep integrations themselves?
Re: Stripe Financial Connections
#63Earlier quoted context omitted.
Plaid founder here. Stripe does not integrate with any bank API's directly (AFAICT). They wrap two aggregators, MX and Finicity to build this product. (Also, not sure what MX products they are using, but MX itself is an aggregator of aggregators, including others such as Yodlee.) On pricing, Stripe's listed rates are 30-200% higher than Plaid rates (perhaps due to high vendor costs). That said, if anyone does have fe…
Edwin from Stripe here. Stripe does integrate directly with banks. In our beta period, most volume we’ve seen has been over bank APIs. Some banks do not have APIs—we use financial partners to connect with them, and we’re talking with many banks in hopes that they will enable direct API access soon. Our pricing is upfront: https://stripe.com/en-us/financial-connections#pricing . We’ve worked with a large beta group of…
Which banks have OAuth APIs? I would love to switch to one of those instead of exposing my password due to my bank's incompetence.
Re: Stripe Financial Connections
#64[]
lots of respect for what you and the team have built at Plaid, but this is exactly the opportunity. As a developer who's worked at multiple fintechs and integrated with Plaid more times than I care to remember, it's an incredibly frustrating experience.
Ask any fintech and they'll tell you - Plaid is simultaneously the best and worst vendor they use. Best because there's no real alternative, but worst because it causes so, so, so many headaches with how unreliable the product is. The time spent building product workarounds at every company to account for Plaid issues is tremendous.
If Stripe thinks they can build something better, then I'd really love them to try.
Edit: William (co-founder of Plaid) seems to have deleted his comment, but it was basically accusing Stripe of repeatedly copying other companies.
Re: Stripe Financial Connections
#65[deleted]
Re: Stripe Financial Connections
#66Earlier quoted context omitted.
In the US your public bank account number is effectively a password to debit your account! There’s literally no authorisation at all!
> In the US your public bank account number is effectively a password to debit your account! There’s literally no authorisation at all! Don't you also need the routing number? How does this differ in other countries or anywhere that checks are used?
The routing number of each bank is public :-)
Re: Stripe Financial Connections
#67Re: Stripe Financial Connections
#68Earlier quoted context omitted.
Edwin from Stripe here. Stripe does integrate directly with banks. In our beta period, most volume we’ve seen has been over bank APIs. Some banks do not have APIs—we use financial partners to connect with them, and we’re talking with many banks in hopes that they will enable direct API access soon. Our pricing is upfront: https://stripe.com/en-us/financial-connections#pricing . We’ve worked with a large beta group of…
Which banks have OAuth APIs? I would love to switch to one of those instead of exposing my password due to my bank's incompetence.
I know that Charles Schwab has some sort of OAuth flow which I used when connecting my account to TurboTax this year.
Re: Stripe Financial Connections
#69The pricing here seems asinine. $0.10/successful API call?
Re: Stripe Financial Connections
#70[]
For those wondering, this was originally a salty comment by one of Plaid's founders calling out Stripe for being "so damn boring".