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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.
Plaid CEO has some words for Stripe: https://twitter.com/zachperret/status/1521898404061716480
Although, from reading the docs, a lot of the products that I'm interested are still "Coming Soon" (confusingly a different verbiage but identical in meaning to "Private Beta"?): - Transactions - Other data-powered products
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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?
If Stripe can leverage their banking relationships to leapfrog Plaid by integrating directly with bank's APIs instead of doing screen scraping... that would be massive! It seems like Plaid's biggest weakness is the flakiness of their connections, which creates so much frustration/churn downstream. Plaid's other weakness is their opaque, enterprise-style pricing, which is seems like Stripe is doing away with. Hopefull…
It's unlikely Stripe has access to any APIs that Plaid doesn't also have access to.
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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.
Question: are US banking really this dysfunctional? Where I'm from, a bank consortium already provided unified login services (while banks still have their own websites, as a merchant you only need to integrate the consortium-provided APIs rather than using Plaid) simplifying things.
In the US your public bank account number is effectively a password to debit your account! There’s literally no authorisation at all!
I believe you need a specific bank authorization to do ACH withdrawal using only routing and Account#. Plus, your beneficiary bank does screen for such services given out to clients very closely. No random joe schmo can do auto ach debit
Unless you are referring to passing forged checks, I'm not sure what you mean by this.
Earlier 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!
Can you elaborate? I believe you need a specific bank authorization to do ACH withdrawal using only routing and Account#. Plus, your beneficiary bank does screen for such services given out to clients very closely. No random joe schmo can do auto ach debit Unless you are referring to passing forged checks, I'm not sure what you mean by this.
If not - why do people protect their bank account numbers in the US? In the UK mine is printed on my bank card - anyone can read it off.
It’s like social security numbers in the US - they became passwords when they weren’t supposed to be.
If Stripe can leverage their banking relationships to leapfrog Plaid by integrating directly with bank's APIs instead of doing screen scraping... that would be massive! It seems like Plaid's biggest weakness is the flakiness of their connections, which creates so much frustration/churn downstream. Plaid's other weakness is their opaque, enterprise-style pricing, which is seems like Stripe is doing away with. Hopefull…
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…