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Stripe Financial Connections

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Re: Stripe Financial Connections

#241

Post by jeandenis »

amonroe369 wrote: post #234
naiwenwt wrote: post #149

Earlier quoted context omitted.

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.

If I put up a captcha on my OLB/MB login portal, I can stop most plaid traffic because it appears as RPA activity, which would be screen scraping. AND we have one of those Bank API's built that those Plaid shills are talking about. Theres only two reasons Plaid would keep screen scraping. 1) They are still selling data to third parties or providing insights on data to third parties. 2) it is cheaper for Plaid to scre…

Plaid CTO here. This is not accurate. On 1. We do not (and have never) sell data to third parties. On 2. We have been a proponent of open authentication standards like OAuth and App2App and today, a majority of our bank connections run via bank APIs - in fact, as Zach pointed out, we’ve helped many financial institutions move towards OAuth. We don’t want to handle credentials in the long-term. However it will take years for a full transition to APIs to happen with more than 11k banks in the United States and we feel that it's important to support the tens of millions of Americans who bank at those institutions.

Re: Stripe Financial Connections

#243

Post by onelovetwo »

bspear wrote: post #162
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…

Gotta love this spicy thread

Especially the

> Our pricing is upfront

Because plaid does everything not to be transparent on their pricing.

Re: Stripe Financial Connections

#244

Post by onelovetwo »

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…

How can anyone even calculate pricing when Plaid is the worst company when it comes to pricing transparency.

Thank god competition is heating up.

Re: Stripe Financial Connections

#245

Post by thedangler »

Anyone here know how fast ACH transfers are from one account to another? Is it same day 3 business days? I'm in Canada but I can use this to build something for my US clients. But if it's not same or next day, I can seem my clients not wanting to use it.

Re: Stripe Financial Connections

#246

Post by isbvhodnvemrwvn »

lxgr wrote: post #154
isbvhodnvemrwvn wrote: post #146

Earlier quoted context omitted.

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.

Bank accounts like that often have outgoing direct debits blocked to prevent fraud, as far as I know. (I don't think there is a registry – this would simply be a bank-side setting to auto-decline all requested direct debits.)

My bank account number is also sometimes freely shared, so I think this is applied at national level (at least in case of Poland)

Re: Stripe Financial Connections

#247

Post by ergocoder »

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…

Jay replied that it was a job interview 8 years ago before he joined stripe. Jay started building this product in 2020.

Jay met with people from Plaid a few times. All were at Plaid's requests...

RFP is about Plaid becoming the service partner for Stripe like how MX is currently a partner. Plaid decided not to become a partner.

Source: https://twitter.com/jay_ssh/status/1521973965098561536

And of course plaid CEO doesn't respond.

Plaid CEO mentioned "interview" but intentionally left out "8 fucking years ago, and it was a job interview".

Plaid CEO also got the RFP, so they have been aware that Stripe is building this because Stripe wanted to depend on MX, Plaid, and etc. But Plaid CEO acted surprised to this launch.

It sounds like Plaid CEO maliciously misled people. Does this guy have any ethics left?

Re: Stripe Financial Connections

#248

Post by ergocoder »

lambda_lord wrote: post #108
PragmaticPulp wrote: post #104

Earlier quoted context omitted.

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…

They are not describing a job interview. They are describing a product interview between businesses for some sort of partnership.

Jay confirmed it was a job interview 8y ago before he even joined stripe.

https://twitter.com/jay_ssh/status/1521973965098561536

Plaid CEO maliciously misled people.

Re: Stripe Financial Connections

#249

Post by Tijdreiziger »

rapnie wrote: post #230
cliftonc wrote: post #226

Earlier quoted context omitted.

I am a very happy Bunq customer for 4+ years, and as a user of other Dutch banks (for a mortgage - ABN amro, in the past UK banks like FD), their overall service levels great - if I chat via the app I have always been helped quickly, flexibility with accounts, cards, automation via the APIs etc is absolutely worth the price hike. These are things I am happy to pay a few extra cups of coffee a month for as they make m…

Good service levels will be a real USP, I expect. In the Netherlands where physical banks are a dying breed (especially those that deal with money. Aforementioned ABN Amro doesn't let you change a 100 Euro bill into 2 fifty bills, for instance). Especially the elderly are lost in the digital world and need guidance. For my parents for instance, every website is like a completely different app they need to learn how t…

The cost-cutting wrt physical bank branches is just ridiculous. You can't even deposit or withdraw coinage at ABN AMRO branches anymore; they outsourced that to home improvement stores instead (yes, really).

Re: Stripe Financial Connections

#250

Post by rapnie »

Tijdreiziger wrote: post #249
rapnie wrote: post #230

Earlier quoted context omitted.

Good service levels will be a real USP, I expect. In the Netherlands where physical banks are a dying breed (especially those that deal with money. Aforementioned ABN Amro doesn't let you change a 100 Euro bill into 2 fifty bills, for instance). Especially the elderly are lost in the digital world and need guidance. For my parents for instance, every website is like a completely different app they need to learn how t…

The cost-cutting wrt physical bank branches is just ridiculous. You can't even deposit or withdraw coinage at ABN AMRO branches anymore; they outsourced that to home improvement stores instead (yes, really).

Yes, I experienced that too. Acted surprised and look at me exasperated and what seemed with slight disgust when I came with actual cash to their office. "We don't deal with money, sir".

The situation with cash is overall very bad. Try to pay with a 100 Euro note in smaller cities. Almost no one will accept it, including banks. I regularly see very frustated tourists who with cash in hand are left out in the cold.

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