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Stripe Financial Connections

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Re: Stripe Financial Connections

#131

Post by theyknowitsxmas »

amonroe369 wrote: post #109
zachperret wrote: post #29

Earlier 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…

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 pot…

Zach has responded to a Stripe product manager on Twitter.

https://twitter.com/zachperret/status/1521898404061716480

I think Zach knows his product very well & this could be espionage on Stripe's part, but I'm not dissatisfied with Stripe's product nonetheless.

Disclaimer: I've never used Plaid.

Re: Stripe Financial Connections

#132

Post by PragmaticPulp »

msoad wrote: post #78
vincentmarle wrote: post #61

Plaid 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.

And a rebuttal from Jay Shah (the accused) claiming that this isn't true: https://pbs.twimg.com/media/FR8FjJ9VsAAMY_k?format=jpg&name=...

> Zach, sorry you feel this way, but this isn’t true and I think you know that. You reached out to me repeatedly—I never reached out to you for information. Stripe did an RFP because we work with partners for this product, and we had hoped to include Plaid.

Re: Stripe Financial Connections

#133

Post by gigatexal »

jbverschoor wrote: post #24
gigatexal wrote: post #15

Earlier quoted context omitted.

If they do this it would indeed be huge. Screen scraping and the like to get around a proper API sucks. In the EU we have PSD2 but the APIs aren’t all amazing.

The APIs aren't amazing, and you need to be a financial service provider to access production environment. Aka useless for any startup or person

Yeah getting a license with bafin is tough but a VC backed fintech can do it or partner or use the api of a fintech that already has a license and build off of that.

Re: Stripe Financial Connections

#134

Post by conradev »

FintechRisen wrote: post #91
iknowstuff wrote: post #63

Earlier quoted context omitted.

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

I believe Plaid was the one who got JPMorgan to build an OAuth API in the first place: https://finovate.com/plaid-signs-open-banking-agreement-with...

Why can’t the reason be “losing their only source of revenue to a competitor”? That seems like a fine reason to not want people to switch

Re: Stripe Financial Connections

#136

Post by reducesuffering »

PragmaticPulp wrote: post #105
whockey wrote: post #57

[]

Screenshot of deleted comment: https://twitter.com/pitdesi/status/1521915016668090368/photo...

GP clearly retracted his statement. Regardless of whether it's right or wrong, what I'm much more sure of is people will be far too careful in expressing thoughts if the moment it's out there it will be forever imprinted into the internet and associated with themselves. I wonder if it's possible for truly ephemeral messaging wiped-clean when you would like, given the issues with someone just writing it down physically.

Re: Stripe Financial Connections

#137

Post by healthbjk »

cercatrova wrote: post #129

I wonder how this compares to Column, since the founder of Column also cofounded Plaid. I see both founders' comments in this thread it looks like but the Column founder doesn't seem too happy about it [0]. There also seems to be some vindication by the Bolt founder, based on his Twitter thread about how Stripe handles corporate development [1][2], it really reminds me of Paul Graham's essay not to talk to them, lest…

Column is a bank. They've bought a bank charter and are aiming to cut out Banking as a Service middlemen

Re: Stripe Financial Connections

#139

Post by xtracto »

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…

> That said, if anyone does have feedback on where Plaid pricing is prohibiting new use cases,

I remember in a previous company we migrated out of Plaid into SynapseFI because Plaid started charging a high price on a per connection request service (like, requesting a new bank connection for a new customer was quite expensive).

It seemed Plaid was focusing on the Mint like use cases: low number of users, allowing them to setup a Plaid connection one time to be used extensively subsequently. While our use case was more akin to: lots of users/authentications doing one time connections that may not be reused. (kind of what might be used for credit risk analysis, although the company was not doing that).

Re: Stripe Financial Connections

#140

Post by ethbr0 »

gonehome wrote: post #35
zachperret wrote: post #31

Earlier quoted context omitted.

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.

Do you know why Fidelity Investments plaid connection doesn’t work most of the time? It’s something I hit often and have to do the old microdeposit thing (if I can even figure out how to trick the service into allowing me to do that at all). Does fidelity just have some sort of broken setup?

This is a huge annoyance with integrations for me.

The host knows when they break. Or if they don't, they should, via automated tests.

Tell me "It's down." Not some bullshit about experiencing temporary difficulties.

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