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Is Seed similar to Plaid ( http://www.plaid.com )?
We love Plaid, but we're different. We compete with other banks -- Chase, Silicon Valley Bank, First Republic, Wells Fargo, etc. Zach can speak for Plaid, but to my understanding they're focused on providing API's that improve banking experiences for existing banks and bank customers.
Hey there, I'm Brian Merritt, the CEO of SEED. I'm happy to answer any questions you might have. You can also email me at brian at seed.co.
I will take a peek at your API in the morning :)
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We love Plaid, but we're different. We compete with other banks -- Chase, Silicon Valley Bank, First Republic, Wells Fargo, etc. Zach can speak for Plaid, but to my understanding they're focused on providing API's that improve banking experiences for existing banks and bank customers.
Gotta say from an outsider's perspective, Seed [1] and Plaid [2] are pretty hard to distinguish from each other... [1] The world's first business banking API [2] The API for banking data [1] https://seed.co/images/graphics/seed_logo_blue.png [2] http://farm6.static.flickr.com/5572/15111751177_d74935b2b4.j...
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Hey there! One thing I want to be clear about is that we will not support consumer bank accounts, either directly or through our customers. So it will not be possible to build your own branded consumer bank on SEED. We expect our API will be used by companies that see value in automating their payments and receivables process, have a desire to integrate banking into their internal backend systems, have a desire to ea…
Thank you for the insights! Could you elaborate more on the challenges of convincing regulators to allow you to partner with bitcoin exchanges? Clearly it's not prohibited, if SVB is able to do it with Coinbase, but what exactly are the regulators saying or doing that prevents you guys from getting into that game?
There are a lot of situations where there is no hard and fast law that prohibits banking a particular customer, but the opinion of a regulator goes a long way in encouraging or discouraging any particular bank from doing so. Marijuana banking is an example of the murky waters banks must wade through. Is it legal or not? Depends on who you ask.
I'm not privy to any details, but I assume that SVB's regulators feel that the bank does not present a risk to the system by banking an exchange. SVB is the 50th biggest bank in the country or so, so they're in a different situation than a startup or community bank.
I suspect this isn't a very satisfying answer. All I can say is that in the long run we are motivated to offer banking services to every lawful business that we can ably serve.
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We love Plaid, but we're different. We compete with other banks -- Chase, Silicon Valley Bank, First Republic, Wells Fargo, etc. Zach can speak for Plaid, but to my understanding they're focused on providing API's that improve banking experiences for existing banks and bank customers.
Interesting! Do you currently compete with banks or will you do so eventually? Are your products independent of the banks your APIs interface with?
Our stuff is designed to be portable between banks where possible. There are only about half a dozen bank core systems in wide use in the US today, so in theory if we integrated with all of them we'd be able to partner with most any bank. To date we have integrated with two different cores.
Hey there, I'm Brian Merritt, the CEO of SEED. I'm happy to answer any questions you might have. You can also email me at brian at seed.co.
I switched to Simple last year for my personal account, and I have wanted a similar alternative for my business accounts for a long time. Currently there is no way to apply for membership on your site- when do you expect to start taking applications? I will take a peek at your API in the morning :)
What tool are they using to write their API docs? I think Stripe uses the same thing. http://docs.seed.co/v1.0/docs/authentication-login
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I switched to Simple last year for my personal account, and I have wanted a similar alternative for my business accounts for a long time. Currently there is no way to apply for membership on your site- when do you expect to start taking applications? I will take a peek at your API in the morning :)
If you fill out the form we'll send you an invite when we're able to accept new customers. There's a waiting list but we're working hard to get everyone on board as soon as possible.
I don't see an API method for depositing checks- is that something you plan to offer?
Also, no method for getting transaction history?