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Wow, congratulations to the team! Amazing to break through regulatory barriers and make new things possible.
by maerF0x0 7y ago
Wow, congratulations to the team! Amazing to break through regulatory barriers and make new things possible.
- namdnay 7y agoWhy break? They’re leveraging PSD2, not breaking it
- toomuchtodo 7y agoThanks 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?
- capableweb 7y agoI 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.
- toomuchtodo 7y agoYour understanding is correct. It's an OAuth2-type mandate for banking services providers. https://transferwise.com/gb/blog/what-is-psd2 https://transferwise.com/gb/blog/what-is-psd2
- mijoharas 7y agoFYI, a lot of banks open banking apis are broken most of the time. Having said that, for plaid in the UK, they do offer both an open banking integration and a scraping integration for most banks.
- mediumdeviation 7y agoIsn'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.
- jbarberu 7y agoI came across Plaid for the first time today and when trying to make a transfer through Transferwise. When asked for my bank username and password at a website !my_bank I was like hell nope. Ended up having to use a credit card instead which had the highest fee... :( I hope this kind of garbage disappears.
- roberson87 7y agoI would rather have entered my logins and then changed the password if I was that concerned about entering my bank logins rather than pay those credit card fees. Or change the password first, login, and change back to your old password.
- niij 7y agoThey can pull all go your transactions in that time, changing your password after is still too late.
- roberson87 7y agoIf you're happy to hand out your credit card details to Plaid and trust them enough to properly secure it, personally I wouldn't be concerned about them flagrantly and illegally retrieving my past transactions. There is no such thing as trust less financial services that deal with fiat currency.
- niij 7y agoA credit card number/CVV/Expiration Date allows you to make transactions, but doesn't give you transaction _history_. Online banking username/password do give you full transaction history. My point was that giving away username/password is a terrible idea from a privacy standpoint compared to entering your CC.