Can anyone use Plaid and then start connecting to banks? I think the product makes complete sense but it's always a little worrisome that it's seemingly easy for anyone to launch an app that connects to your bank account. From what I know in the US you're not covered by the FDIC by connecting through the API.
Plaid Launches in France, Spain, and Ireland
11–20 of 63 posts
Re: Plaid Launches in France, Spain, and Ireland
#12I've been using Plaid for a toy project for a while, and, while it works well, what surprised me the most was their support. I had an issue with my bank not sending me SMS and their support was quick and helpful, responding to my problem with actual feedback rather than canned responses. Now that I'm saying this, I realize what a low bar our current support climate has set, but Plaid is great on that regardless.
Would you be interested in sharing your project?
Re: Plaid Launches in France, Spain, and Ireland
#13I've been really impressed by Plaid's service, but also the level of customer support they provide. I have been experiencing issues connecting CapitalOne accounts in the Plaid test environment. I let them know, and got a long, thought out response, and I'm not even a paying customer yet. Congrats Plaid!
I love it when companies realize that a problem impacting a « free » customer could impact their paying customers too.
It’s like, free beta test report so you don’t piss off your real customers. Maybe not something to just trash.
Re: Plaid Launches in France, Spain, and Ireland
#14Can anyone use Plaid and then start connecting to banks? I think the product makes complete sense but it's always a little worrisome that it's seemingly easy for anyone to launch an app that connects to your bank account. From what I know in the US you're not covered by the FDIC by connecting through the API.
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Re: Plaid Launches in France, Spain, and Ireland
#15Earlier quoted context omitted.
Why break? They’re leveraging PSD2, not breaking it
Thanks Europe for using regulation (PSD2) to open up banking to fintech startups. Would anyone be interested in joining me in championing similar legislation in the US through congressional representatives, the Federal Reserve, and FDIC?
I don't know PSD2 fully but I know that my bank rolled out support for it and as far as I gather, applications should not have to ask for my username/password via their own UI (which after testing Plaid, they do), but rather use the authentication systems from the banks to authenticate. Maybe I used it wrong though.
Re: Plaid Launches in France, Spain, and Ireland
#16Earlier quoted context omitted.
Thanks Europe for using regulation (PSD2) to open up banking to fintech startups. Would anyone be interested in joining me in championing similar legislation in the US through congressional representatives, the Federal Reserve, and FDIC?
I don't know PSD2 fully but I know that my bank rolled out support for it and as far as I gather, applications should not have to ask for my username/password via their own UI (which after testing Plaid, they do), but rather use the authentication systems from the banks to authenticate. Maybe I used it wrong though.
Your understanding is correct. It's an OAuth2-type mandate for banking services providers.
Re: Plaid Launches in France, Spain, and Ireland
#17Can anyone use Plaid and then start connecting to banks? I think the product makes complete sense but it's always a little worrisome that it's seemingly easy for anyone to launch an app that connects to your bank account. From what I know in the US you're not covered by the FDIC by connecting through the API.
No, seems there is steps for validating each "stage" that the created app for connecting to banks has to go through. See this screenshot: https://i.imgur.com/1w7YUnf.png
Re: Plaid Launches in France, Spain, and Ireland
#18Having previously used Yodlee, I'm now migrating onto Plaid in the UK.
Speaking from a documentation and API point of view, you can more or less think of Yodlee as PayPal and Plaid as Stripe.
Yodlee still covers WAY more banks than Plaid in the world, so we still need to use them for some countries.
Re: Plaid Launches in France, Spain, and Ireland
#19Wow, congratulations to the team! Amazing to break through regulatory barriers and make new things possible.
Isn't this the same company that phishes its users by asking them for their banking login and 2FA information directly in third party apps? I'm not sure if this is the sort of regulatory barrier breaking worth celebrating.
Re: Plaid Launches in France, Spain, and Ireland
#20I've been using Plaid for a toy project for a while, and, while it works well, what surprised me the most was their support. I had an issue with my bank not sending me SMS and their support was quick and helpful, responding to my problem with actual feedback rather than canned responses. Now that I'm saying this, I realize what a low bar our current support climate has set, but Plaid is great on that regardless.
I was impressed with the support and API service from Quovo, then was disappointed to see Plaid bought them and is sunsetting it. :/ More work on my end, for no real benefit.