Is this logic right or wrong: All of these fintech companies allow for more convenient movement of money and integration with applications etc however they are adding additional costs to all transactions. I.e. were trading convenience for cost?
Stripe Financial Connections
101–110 of 263 posts
Re: Stripe Financial Connections
#102Earlier quoted context omitted.
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.
My understanding is that in the US to pay your rent you either send a literal paper check, which had no serious authorisation at all, or your land lord reaches into your account using your bank account number and debits it, without you having to approve. 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 nu…
> your land lord reaches into your account using your bank account number and debits it, without you having to approve.
This is how many people pay for rent in Germany (and I strongly suspect elsewhere) as well.
If they take too much, you can get it back with a single click in your bank account.
Re: Stripe Financial Connections
#103I have been an advocate of Stripe but today I am quite disappointed with Stripe. Is this what happens when a company becomes big with thousands of employees? Copying smaller companies' product(s) while having a "partnership" with them? I wish they released an actual competing product, not a copy.
This discourages SO MANY startups.
Re: Stripe Financial Connections
#104Plaid CEO has some words for Stripe: https://twitter.com/zachperret/status/1521898404061716480
EDIT: The accused person has denied these allegations, claiming that Plaid reached out to Stripe (not the other way around) and that the RFPs were because Stripe invited Plaid to be part of the product: https://pbs.twimg.com/media/FR8FjJ9VsAAMY_k?format=jpg&name=...
> Wow! Jay, you took interviews with Plaid & asked probing questions multiple times over the past few years, and your team sent repeated RFP's (under NDA!) to us asking for tons of detailed data. I wish y'all the best with these products, but surprising to see the methods.
I don't know. Talking with a company shouldn't disqualify you from ever working on a competing product. Sending an RFP doesn't mean you can never build your own product.
The Plaid CEO is trying to anchor the conversation around malicious intent, but it's not hard to imagine a scenario where this product-minded person legitimately explored working with Plaid, legitimately explored partnership opportunities at Stripe, and walked away believing it would be better for Strip and for himself to build a competing solution at Stripe.
Plaid's product isn't entirely novel. In my experience as a consumer it has failed at least 3/4 times I've tried to use it with my financial institutions. I'm frankly more surprised that it took this long for anyone to enter their space to compete against Plaid.
Re: Stripe Financial Connections
#105[]
Screenshot of deleted comment: https://twitter.com/pitdesi/status/1521915016668090368/photo...
Re: Stripe Financial Connections
#106Plaid CEO has some words for Stripe: https://twitter.com/zachperret/status/1521898404061716480
In case tweet disappears: > Wow! Jay, you took interviews with Plaid & asked probing questions multiple times over the past few years, and your team sent repeated RFP's (under NDA!) to us asking for tons of detailed data. I wish y'all the best with these products, but surprising to see the methods.
I’m surprised they had this information so easily at hand. How did they even know that? They saw the tweet and the first thing that comes to mind is to query all the people they’ve interviewed?
Re: Stripe Financial Connections
#107Question: 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.
Banking is less concentrated in the US than other countries. There are thousands of banks here. So it's harder for industry protocols to move forward.
Re: Stripe Financial Connections
#108Plaid CEO has some words for Stripe: https://twitter.com/zachperret/status/1521898404061716480
EDIT: The accused person has denied these allegations, claiming that Plaid reached out to Stripe (not the other way around) and that the RFPs were because Stripe invited Plaid to be part of the product: https://pbs.twimg.com/media/FR8FjJ9VsAAMY_k?format=jpg&name=... > Wow! Jay, you took interviews with Plaid & asked probing questions multiple times over the past few years, and your team sent repeated RFP's (under NDA…
They are not describing a job interview. They are describing a product interview between businesses for some sort of partnership.
Re: Stripe Financial Connections
#109If 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…
You seem pretty clueless about your competitors and you are talking poorly, very openly about them here Zach. That is not a good look in any way and reflective of a poor corporate culture.
If MX and Finicity are aggregators of aggregators, that would still mean Plaid would benefit, right? Maybe you (and your sales team) do not know your competition.
Publicly airing grievances as well against Stripe, who you could potentially partner with in the future, reflects an underlying toxic corporate culture at Plaid. I do not think Stripe will likely ever want to do business with you after this and prevent others from doing the same. I have never worked at Plaid, but I am not inclined to want to work with you based on what we are seeing here. Plaidsettlment.com