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I wonder why Stripe Atlas chose to partner with them for the banking part of their service. It doesn't seem like SVB aligns with Stripe's ethos.
by snazz 7y ago
I wonder why Stripe Atlas chose to partner with them for the banking part of their service. It doesn't seem like SVB aligns with Stripe's ethos.
- manigandham 7y agoProbably because of the same unfounded hype that other startups choose them for, but Stripe Atlas now offers better alternatives with Azlo [1] and Mercury [2], although you can still choose SVB if you want: https://stripe.com/docs/atlas/next#bank-account https://stripe.com/docs/atlas/next#bank-account 1. https://www.azlo.com/ https://www.azlo.com/ 2. https://mercury.com/ https://mercury.com/
- ganoushoreilly 7y agoI wouldn’t say Azlo is better, a I’ve had more issues with them and support than any other bank I’ve used. Everything they do goes through the larger bank, azlo is more like a shiny wrapper on bva.
- adrr 7y agoBecause smaller banks don't have the compliance team or technology to allow other companies to manage accounts. There's only a few banks that do this. All the challenger banks mainly use the same banks. The core bank systems don't support multi-tenant, most were designed in 90s or 80s and sometimes 70s. The bank needs to build a middle tier to control access so accounts are separated between companies. Protocols to these systems are terrible, its pretty much a terminal and you are reading columns and line positions to get data. SVB i think actually runs a pretty modern core bank system that has "modern" API, probably soap.
- manigandham 7y agoWhy does any of that matter here? Atlas just sends an application to the bank on your behalf. It doesn’t manage anything.