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Ding ding. Notice to open the Treasury account, you need to specify the bank. Stripe is not owning the accounts, the bank is, so KYC is pushed to them. EDIT
by jdmichal 6y ago
Ding ding. Notice to open the Treasury account, you need to specify the bank. Stripe is not owning the accounts, the bank is, so KYC is pushed to them.
EDIT: For those that think that just opening the accounts as Stripe would be a workaround, the answer to that is "beneficial ownership" and is part of KYC.
- futhey 6y agoAh, this is illuminating. So the built an API to interface developers with existing bank infrastructure (likely to support their own operations). They're not the treasury, they're the link that doesn't require me to be a huge entity with bargaining power to convince a bank to partner with me.
- evrydayhustling 6y agoTIL that Stripe's Treasury service is a marketplace connecting bank treasury services to marketplace services that require a treasury.