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Stripe Financial Connections

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Re: Stripe Financial Connections

#91

Post by FintechRisen »

iknowstuff wrote: post #63
edwinarbus wrote: post #55

Earlier 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.

MX and Finicity both have OAuths to like 80+% of the top 20 financial institutions. There's a reason Plaid doesn't want people switching to them and it's hella sus

Re: Stripe Financial Connections

#92

Post by [deleted] »

zachperret wrote: post #29
ianstormtaylor wrote: post #10

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…

[deleted]

Re: Stripe Financial Connections

#93

Post by edwinwee »

jasonhoch wrote: post #83

By clicking "Start Now", I try to visit https://dashboard.stripe.com/financial-connections/applicati... and it redirects me to https://dashboard.stripe.com/test/dashboard . Would love to see more! 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

Ah, is your Stripe account live (i.e. in livemode with payments activated)? We'll look into make this smoother, but right now you'll have to leave testmode to continue.

Re: Stripe Financial Connections

#94

Post by FintechRisen »

zachperret wrote: post #31
kareemsabri wrote: post #27

Earlier quoted context omitted.

Pretty sure Plaid already has integrated directly with bank's APIs and has been moving away from screen scraping for years. Plaid's flakiness / reliance on screen scraping is probably that a lot of these banks don't expose APIs / OAuth etc.

Indeed! Plaid is integrated with ~every bank that has an API, and in many cases we've actually helped the banks build API's themselves.

No post body was provided.

Re: Stripe Financial Connections

#96

Post by FintechRisen »

zht wrote: post #14
ianstormtaylor wrote: post #10

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.

We've found that Plaid only leverages around 3-4 Direct API connections for some reason, why other aggregators like MX, Finicity, Yodlee all have 10+. It seems suspect to me because Plaid doesn't seem to be prioritizing the protection of user credentials the same way others are.

Re: Stripe Financial Connections

#97

Post by tootie »

ianstormtaylor wrote: post #10

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…

Hasn't Yodlee been doing this way longer than Plaid? They are (or at least were) the backbone for mint.com

Re: Stripe Financial Connections

#98

Post by FintechRisen »

kadomony wrote: post #12
nitsky wrote: post #3

Is this good news or bad news for Plaid?

Competition is healthy. Whether it's good or bad, we'll see. No one can divine that, but I get the sense that Plaid's product team is a bit worried right now.

I think this is the biggest thing here. User credentials need to be protected and hopefully this type of open-market approach brings about more democratization of data.

Re: Stripe Financial Connections

#99

Post by lxgr »

chrisseaton wrote: post #39
zinekeller wrote: post #4

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!

That is the case in most of Europe as well (under SEPA Direct Debit), and has been for many years now.

I've not had to dispute an ACH debit yet, but at least at most German banks, it's literally a single click and the money is back in your account – up to 8 weeks after the payment (any reason, no questions asked), and up to 13 months in case of fraud ("no mandate").

Re: Stripe Financial Connections

#100

Post by lukeramsden »

zachperret wrote: post #29
ianstormtaylor wrote: post #10

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…

> MX itself is an aggregator of aggregators

Aggregators all the way down...

The US really needs its own PSD2.

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