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Stripe Financial Connections

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Re: Stripe Financial Connections

#181

Post by pbreit »

vageli wrote: post #41
chrisseaton wrote: post #39

Earlier quoted context omitted.

In the US your public bank account number is effectively a password to debit your account! There’s literally no authorisation at all!

> In the US your public bank account number is effectively a password to debit your account! There’s literally no authorisation at all! Don't you also need the routing number? How does this differ in other countries or anywhere that checks are used?

The routing and account numbers are printed on every paper check in the US. Those are all that you need to process an ACH. The onus is on the ACH originator to make sure the numbers are not stolen.

Re: Stripe Financial Connections

#182

Post by iamcreasy »

metadat wrote: post #159
Brystephor wrote: post #157

Earlier quoted context omitted.

not a different day. that post is from 3 hours ago.

I meant that today is a different day from yesterday, and the day before.. It's a common English idiom. I don't have the reference links handy but the TL;DR is that Stripe has played dirty lots of times before. The formula is: 1. Pretend they want to acquire a company with a product they like 2. Then, once they waste enough of the competitors time (buying buffer enabling them to figure out the secret sauce) 3. Clone…

I do not know about other instance. Could you please share?

Re: Stripe Financial Connections

#183

Post by pbreit »

IG_Semmelweiss wrote: post #87
chrisseaton wrote: post #39

Earlier quoted context omitted.

In the US your public bank account number is effectively a password to debit your account! There’s literally no authorisation at all!

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.

"I believe you need a specific bank authorization to do ACH withdrawal using only routing and Account#"

No. All you need is an account number and routing number (which are printed on paper checks). The ACH originator is responsible for ensuring the numbers are owned by the payer.

Re: Stripe Financial Connections

#184

Post by philip1209 »

healthbjk wrote: post #137
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

Yeah - my impression is that Column is depth-first for the US banking system, whereas Stripe is breadth-first for multiple markets

Re: Stripe Financial Connections

#185

Post by metadat »

iamcreasy wrote: post #182
metadat wrote: post #159

Earlier quoted context omitted.

I meant that today is a different day from yesterday, and the day before.. It's a common English idiom. I don't have the reference links handy but the TL;DR is that Stripe has played dirty lots of times before. The formula is: 1. Pretend they want to acquire a company with a product they like 2. Then, once they waste enough of the competitors time (buying buffer enabling them to figure out the secret sauce) 3. Clone…

I do not know about other instance. Could you please share?

"Stripe hiring issues make some lose job offers"

https://news.ycombinator.com/item?id=29403976

I think I was confused, and I apologize. There was some prior drama with the Bolt founder claiming Stripe was colluding against them.

It seems an error on my part, an honest one but still incorrect. Sorry, again.

Re: Stripe Financial Connections

#186

Post by tjm5081 »

phoenixy1 wrote: post #73
emrekzd wrote: post #45

Earlier quoted context omitted.

Unlike Plaid, Finicity and Yodlee have direct integrations with some banks. Example: Silicon Valley Bank has direct integration with Finicity. SVB through Plaid breaks quickly (because they require some weird 2fa policy). Let me know if I'm missing something but if Stripe is A) providing reliable connection to common banks Plaid misses and B) saving it's users from all the headaches of integrating with old school ser…

Plaid has direct integrations with many banks too -- Silicon Valley Bank is actually a Plaid partner for ACH processing (see https://www.svb.com/news/company-news/silicon-valley-bank-an... ). Not sure when your bad experience with 2fa was but Plaid's connection to SVB has improved over the past ~6 months as we've begun to work together more closely and should continue to do so. [I work at Plaid]

Hate to argue, but I agree that Plaid's connection to SVB is indeed unusuable. I've been trying to use them for over a year and we ended up dropping SVB just this month. Chase is on OAuth and WAY better if you need TXN data.

A partnership for ACH is more related to importing stable routing and account numbers, then enabling initiating ACH transfers. Scraping transaction data is a completely different integration that seems to have been forgotten.

Sadly, I'd even wager SVB-Plaid data won't improve any time soon. Remember that SVB doesn't even yet allow external bank transfers on their own bank portal.

Re: Stripe Financial Connections

#187

Post by fjni »

CincinnatiMan wrote: post #145
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.

Capital One

they deserve a lot of credit for how early they built this and made it relatively broadly available!

Re: Stripe Financial Connections

#188

Post by mandelbrotwurst »

healthbjk wrote: post #144
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…

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

He's saying it's a mixture.

Re: Stripe Financial Connections

#190

Post by [deleted] »

PragmaticPulp wrote: post #104
vincentmarle wrote: post #61

Plaid 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…

[deleted]
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