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Stripe responds to the Financial Connections/Plaid kerfuffle

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Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#51

Post by wmf »

rabidonrails wrote: post #26

I think that people underestimate what this feels like for the Plaid founder and potentially for Patrick too. For Plaid you've spent your life building this business. Presumably there are many happy customers and you're working really hard to define the space and provide service. One morning you flip on your laptop and see a headline that one of your customers (and competitors) launched a new service that directly co…

Stripe attempting to devour the entire financial stack should not have come as any surprise; their strategy is by now obvious from the long list of features they've launched over their history.

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#52

Post by snake_doc »

rabidonrails wrote: post #26

I think that people underestimate what this feels like for the Plaid founder and potentially for Patrick too. For Plaid you've spent your life building this business. Presumably there are many happy customers and you're working really hard to define the space and provide service. One morning you flip on your laptop and see a headline that one of your customers (and competitors) launched a new service that directly co…

Minor comment on the infinite game assumption from a game theory perspective . Stripe is clearly deviating, which means that they have made a payoff calculation that it’s better to do say despite being punished by Plaid and other players.

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#53

Post by wmf »

cobbal wrote: post #34
kehphin wrote: post #18

As a consumer, I'd welcome some more competition in this space. All of the personal finance aggregation apps I've tried, e.g. Mint, YNAB, Personal Finance, etc. have used Plaid and almost always, I have issues with connecting one or more banks on any given day. Submitting tickets re: connection issues rarely resolves in a timely manner too.

The reason I hate plaid is that they are training people to hand over bank passwords/2fa tokens to 3rd parties. And sometimes there are no alternatives available to the consumer.

What you hate is not really Plaid but banks for not providing APIs. Banking data is too juicy to ignore, so when banks don't provide APIs of course companies will resort to MITMing.

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#54

Post by devoutsalsa »

bestcoder69 wrote: post #36
rabidonrails wrote: post #26

I think that people underestimate what this feels like for the Plaid founder and potentially for Patrick too. For Plaid you've spent your life building this business. Presumably there are many happy customers and you're working really hard to define the space and provide service. One morning you flip on your laptop and see a headline that one of your customers (and competitors) launched a new service that directly co…

Please… my violin can’t get any tinier or we risk splitting the atom.

Maybe we can harness the energy from pity parties of sufficiently notable scope.

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#55

Post by jeroenhd »

endisneigh wrote: post #4

I’ll never get over how regressive it is that we are literally clicking on images filled with text as a way to share… text. I seriously cringe each time, lol. Anyway, on topic, it’s good to see this little debacle behind them. Both stripe and plaid offer good services and competition is good in any case. I do wonder if there’s some room for innovation here from Google and Apple. It would be interesting to see if it’s…

Luckily, Twitter has accessibility options which you can use to describe/transcribe images so that people with visual disabilities can enjoy your content too!

Not that anybody ever uses that feature.

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#56

Post by [deleted] »

RcouF1uZ4gsC wrote: post #16

> Maybe we should have explicitly reached out to them to discuss this upcoming launch so that they could privately express any concerns they had. A thousand times no. Companies privately discussing launches with each other to avoid stepping on each other's toes is bad for the consumer. In addition, it may actually cross the line into illegal market allocation. I am glad that Stripe developed and released a product th…

[deleted]

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#57

Post by [deleted] »

gigatexal wrote: post #45
rabidonrails wrote: post #26

I think that people underestimate what this feels like for the Plaid founder and potentially for Patrick too. For Plaid you've spent your life building this business. Presumably there are many happy customers and you're working really hard to define the space and provide service. One morning you flip on your laptop and see a headline that one of your customers (and competitors) launched a new service that directly co…

When your business becomes a feature of another larger offering it’s time to sell and move on.

[deleted]

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#58

Post by powerslacker »

wmf wrote: post #51
rabidonrails wrote: post #26

I think that people underestimate what this feels like for the Plaid founder and potentially for Patrick too. For Plaid you've spent your life building this business. Presumably there are many happy customers and you're working really hard to define the space and provide service. One morning you flip on your laptop and see a headline that one of your customers (and competitors) launched a new service that directly co…

Stripe attempting to devour the entire financial stack should not have come as any surprise; their strategy is by now obvious from the long list of features they've launched over their history.

Seems like they pull a stunt like this every year.

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#59

Post by bestcoder69 »

Jcowell wrote: post #46
bestcoder69 wrote: post #36

Earlier quoted context omitted.

Please… my violin can’t get any tinier or we risk splitting the atom.

I don’t think OP isn’t asking for sympathy but empathy? Is this the name of the game ? Yeah it is , always has , always will be. Does it suck for the loser ? Yes for course.

It’s fair to ask I guess. But thats just gonna be another form of disappointment for them…

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#60

Post by stu2b50 »

rabidonrails wrote: post #26

I think that people underestimate what this feels like for the Plaid founder and potentially for Patrick too. For Plaid you've spent your life building this business. Presumably there are many happy customers and you're working really hard to define the space and provide service. One morning you flip on your laptop and see a headline that one of your customers (and competitors) launched a new service that directly co…

I mean, I guess? I would feel a bit more sympathetic if it were a very small company, and very young. But while Plaid is small relative to Stripe, it's a _9 year old company_ that's worth 10-13 _billion_ dollars. If you're seriously that affected by other companies in the space launching competitor products... in the _9_ years of your company's existence, in a market evidently lucrative enough to net you a several billion dollar valuation... I'm not sure what to say.
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