Stripe Financial Connections

Post by sizzle » Thu, May 05, 2022, 7:19 AM UTC

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…

Post by amonroe369 » Thu, May 05, 2022, 1:22 PM UTC

mtrap wrote: post #205

kbyatnal wrote: post #64

Earlier quoted context omitted.

lots of respect for what you and the team have built at Plaid, but this is exactly the opportunity. As a developer who's worked at multiple fintechs and integrated with Plaid more times than I care to remember, it's an incredibly frustrating experience. Ask any fintech and they'll tell you - Plaid is simultaneously the best and worst vendor they use. Best because there's no real alternative, but worst because it caus…

What makes you say there are no real alternatives? Yodlee and Finicity were both around long before plaid. MX is newer. Asking out of a genuine interest in which aggregator people with experience find is best in terms of connection stability, data quality, and coverage.

Post by seandoh » Thu, May 05, 2022, 2:05 PM UTC

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…

Post by seandoh » Thu, May 05, 2022, 2:08 PM UTC

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?

Post by seandoh » Thu, May 05, 2022, 2:13 PM UTC

amonroe369 wrote: post #233

mtrap wrote: post #205

Earlier quoted context omitted.

What makes you say there are no real alternatives? Yodlee and Finicity were both around long before plaid. MX is newer. Asking out of a genuine interest in which aggregator people with experience find is best in terms of connection stability, data quality, and coverage.

MX has the best stability and connections. Plaid tends to be better for Payments and early stage fintechs. Yodlee for investments.