Do banks not sue these companies for scraping?
No, because banks don't care about security.
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Stripe Financial Connections
171–180 of 263 posts
Re: Stripe Financial Connections
#172Earlier 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.
Also every 90 days you have to do some weird dance to keep the apps receiving your data, it never seems to work right and you forget. I would think building a business on such flakey APIs is dubious at best!
This is still a ton better than asking the client for credentials and then scraping their logged in bank accounts which is hella creepy.
Re: Stripe Financial Connections
#173Earlier 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.
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Re: Stripe Financial Connections
#174I honestly can't believe that there's enough people dumb enough to give their bank username/password combo to strangers to make services like this work. Nope nope nope. As a user, I'd never use any service that is plaid based, I don't even care that "they have proper api access now". Even though I've been fan of other stripe offerings I'd never use this either. It's beyond shady. Friends don't let friends give out th…
That's not how the service works. You don't give Stripe your banking credentials, you log into your bank directly: https://stripe.com/docs/financial-connections/fundamentals#a...
Re: Stripe Financial Connections
#175By 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.
I keep getting "An unexpected error occurred when trying to use instant verification."
Re: Stripe Financial Connections
#176I honestly can't believe that there's enough people dumb enough to give their bank username/password combo to strangers to make services like this work. Nope nope nope. As a user, I'd never use any service that is plaid based, I don't even care that "they have proper api access now". Even though I've been fan of other stripe offerings I'd never use this either. It's beyond shady. Friends don't let friends give out th…
That's not how the service works. You don't give Stripe your banking credentials, you log into your bank directly: https://stripe.com/docs/financial-connections/fundamentals#a...
No, it looks like you're logging in to your bank but you're actually giving your credentials to Stripe.
Re: Stripe Financial Connections
#177Does it collect your bank username and password, or work directly with banking APIs? Every time I see some service trying to do this via Plaid I cringe.
https://stripe.com/docs/financial-connections/fundamentals#a...
You log into your bank directly and then grant access to Stripe.
I presume, behind the scenes, your bank gives Stripe a single application token (not your credentials) to pull read-only data.
(edit) But this is only for banks supporting Oauth, it seems for others it DOES give Stripe your credentials.
Re: Stripe Financial Connections
#178Is 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?
This potentially lowers payment processing costs by making ACH a viable alternative to cards.
Re: Stripe Financial Connections
#179Earlier quoted context omitted.
That's not how the service works. You don't give Stripe your banking credentials, you log into your bank directly: https://stripe.com/docs/financial-connections/fundamentals#a...
No, it looks like you're logging in to your bank but you're actually giving your credentials to Stripe.
If your bank supports Oauth it won't share your credentials:
>Stripe generally defaults the authentication flow to OAuth if available at the financial institution....OAuth is an open standard authorization protocol that allows users to let applications (for example, Stripe) access their information within other applications (for example, bank apps) without having to share their login credentials.
But for banks without Oauth you DO give your credentials to Stripe:
> For these banks, end users provide credentials to Stripe or one of our trusted partners.
Re: Stripe Financial Connections
#180Question: 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.
The US has 10,000 financial institutions. Wherever you are from maybe has 20.