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Seed (YC W15) Wants to Reinvent Business Banking

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31–38 of 38 posts

Re: Seed (YC W15) Wants to Reinvent Business Banking

#31
post #28

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

On the bottom of the page it says "Powered by readme" and links here: https://readme.io/

Hey, I'm one of the ReadMe founders. Stripe was certainly an inspiration for us. I'm so psyched to have SEED building their API using our documentation tool—nice job SEED!

Re: Seed (YC W15) Wants to Reinvent Business Banking

#32
post #16

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.

Brian is right here. Plaid builds API infrastructure on top of existing FI's, whereas Seed is building a new bank. Maybe one day we can incorporate Seed as a data source into Plaid directly.

Re: Seed (YC W15) Wants to Reinvent Business Banking

#33
post #28

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

We use http://readme.io and they are incredibly awesome. I can't give them a stronger or more positive recommendation.

Re: Seed (YC W15) Wants to Reinvent Business Banking

#34
post #31

Earlier quoted context omitted.

On the bottom of the page it says "Powered by readme" and links here: https://readme.io/

Hey, I'm one of the ReadMe founders. Stripe was certainly an inspiration for us. I'm so psyched to have SEED building their API using our documentation tool—nice job SEED!

We couldn't have done it without y'all, thank you!

Re: Seed (YC W15) Wants to Reinvent Business Banking

#36
post #26

Earlier quoted context omitted.

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.

It turns out ad block was blocking the form :) I don't see an API method for depositing checks- is that something you plan to offer? Also, no method for getting transaction history?

We're working to update our docs as quickly as possible, so transaction stuff will be there soon. As for checks, we're not planning on supporting check deposit via API initially. There are a few reasons:

1. Remote Check Deposit is a protected technology owned by Mitek and/or USAA, and we're limited in how we can use it.

2. Checks are a huge fraud vector, so we're going to be careful about how we support them.

3. Checks are literally the worst payment mechanism ever invented and we would love to see them die in a fire. So we're going to discourage their use as much as possible while providing better, easier to use payment mechanisms.

That having been said, you will be able to deposit checks into SEED, just not via API for now.

Re: Seed (YC W15) Wants to Reinvent Business Banking

#37
post #36

Earlier quoted context omitted.

It turns out ad block was blocking the form :) I don't see an API method for depositing checks- is that something you plan to offer? Also, no method for getting transaction history?

We're working to update our docs as quickly as possible, so transaction stuff will be there soon. As for checks, we're not planning on supporting check deposit via API initially. There are a few reasons: 1. Remote Check Deposit is a protected technology owned by Mitek and/or USAA, and we're limited in how we can use it. 2. Checks are a huge fraud vector, so we're going to be careful about how we support them. 3. Chec…

Cool, I agree that checks are terrible, but I still get more customers paying by check than any other method :)

Regarding item 1: Just curious- Do you mean Mitek and/or USAA have a patent on the process? Or do they own the only technology approved for some back-end process by the Federal Reserve?

Re: Seed (YC W15) Wants to Reinvent Business Banking

#38
post #36

Earlier quoted context omitted.

We're working to update our docs as quickly as possible, so transaction stuff will be there soon. As for checks, we're not planning on supporting check deposit via API initially. There are a few reasons: 1. Remote Check Deposit is a protected technology owned by Mitek and/or USAA, and we're limited in how we can use it. 2. Checks are a huge fraud vector, so we're going to be careful about how we support them. 3. Chec…

Cool, I agree that checks are terrible, but I still get more customers paying by check than any other method :) Regarding item 1: Just curious- Do you mean Mitek and/or USAA have a patent on the process? Or do they own the only technology approved for some back-end process by the Federal Reserve?

They own or co-own the patent(s). Last I checked they were still battling it out in court.

The relevant legislation that enabled Remote Deposit Capture (RDC) is the Check21 act, which you can learn about here: http://www.federalreserve.gov/paymentsystems/regcc-faq-check...

In theory, anyone can build a system to deposit checks via check images, but software/process patents are a (mostly bad) thing. :(

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