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Stripe Financial Connections

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Re: Stripe Financial Connections

#141

Post by amonroe369 »

pc86 wrote: post #125
amonroe369 wrote: post #109

Earlier quoted context omitted.

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…

Creating a throwaway for this (potentially valid) criticism destroys any credibility you may have.

fair criticism. My points remain. Having talked to Plaid's sales team, not bad people. I just don't trust providers that openly talk poorly of competitors and plaids sales team did that and the CEO of the company is doing it in public.

Re: Stripe Financial Connections

#142

Post by xtracto »

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.

Darn, if this is true.

I'm going to do the low-effort comment and link to a Silicon Valley series video someone posted here not long ago (Brain Rape): https://www.youtube.com/watch?v=JlwwVuSUUfc

Re: Stripe Financial Connections

#143

Post by amonroe369 »

conradev wrote: post #134
FintechRisen wrote: post #91

Earlier quoted context omitted.

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

Edit: cannot assure, but rumor on the street from peers, they were not the ones to get Chase to build OAuth.

PR is a hell of a marketing tactic.

Re: Stripe Financial Connections

#144

Post by healthbjk »

edwinarbus wrote: post #55
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…

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…

Your documentation says you use service providers, specifically MX and Finicity. Is that correct or are you integrating directly (or some mixture)?

Re: Stripe Financial Connections

#145

Post by CincinnatiMan »

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.

Capital One

Re: Stripe Financial Connections

#146

Post by isbvhodnvemrwvn »

lxgr wrote: post #102
chrisseaton wrote: post #88

Earlier quoted context omitted.

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.

Quite interesting. In Poland a lot of places have their bank number just on their website if you want to donate something, I don't think you can place a debit like that.

Re: Stripe Financial Connections

#148

Post by [deleted] »

lbotos wrote: post #81
thekyle wrote: post #68

Earlier quoted context omitted.

I know that Charles Schwab has some sort of OAuth flow which I used when connecting my account to TurboTax this year.

So, I got very excited about this, but it seems that banks are expecting "bank integrator" aka companies, and not giving access to end users :( If any knows of a bank that has API access in the US do share!

[deleted]

Re: Stripe Financial Connections

#149

Post by naiwenwt »

amonroe369 wrote: post #119
naiwenwt wrote: post #40

Earlier quoted context omitted.

Plaid moved away from scraping years ago, most integrations these days are through APIs.

No they didn't. November 2021 was not that long ago. "You may be a Class Member if you are a United States resident and you connected a financial account to an app between January 1, 2013 and November 19, 2021.... "This class action alleges Plaid took certain improper actions in connection with this process. The allegations include that Plaid: (1) obtained more financial data than was needed by a user's app"

Hence "most integrations", not all.

Citing a settlement date range with language like "may be a class member if you connected a financial account to an app" doesn't really refute my point.

Re: Stripe Financial Connections

#150

Post by amonroe369 »

theyknowitsxmas wrote: post #131
amonroe369 wrote: post #109

Earlier quoted context omitted.

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.

Plaid and their lawyers should have hashed it out with Stripe then in RFP. I work for a big bank. If we send out RFP's for a project there's language in there that most providers never look at. It basically says "I can do whatever I want with information in the RFP except give it to your company's competitors."

So if I am working for a top 10 bank, and I see value in a solution, if I cannot get it cheaper than it would cost me to develop it and time is not that big of a factor, I build it myself. If there are no time constraints and vendor can deliver solution at roughly the same cost I can build it for, I built it myself.

My guess as not being part of the stripe/plaid conversations or RFP. Zach's lawyers did not redline or challenge language around processes or IP with Stripe in RFP Agreements and that was likely the biggest downfall.

Plaid does have great litigation attorney's, I mean their class action settlement was only $58 million. So likely, Plaid might get something if there is IP that was protected. It will come out in discovery if a lawsuit gets legs.

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