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> Plaid. Sorry, you touched a nerve. They seriously think it’s a good idea to type your bank password into an app that is not your bank. That is the best we ca
by jl2718 5y ago
> Plaid.
Sorry, you touched a nerve. They seriously think it’s a good idea to type your bank password into an app that is not your bank. That is the best we can do right now for making payments. Or credit cards with only 3% transaction fee. Coinbase asks you to do this. Coinbase.
I’ve done some work on the Trezor code base. Once you see how much care this completely volunteer BIP process has put into security, consumer bank security becomes enraging.
My bet is that very little will change. The fed is the banks.
- viraptor 5y agoDifferent failure modes. Trezor is close to "mess up and everything's gone". Banks are closer to: share the password and a new transfer destinations will be confirmed over phone, may be checked against fraud databases, may be reverted in flight, may be reverted after sending, may be covered by insurance, ...
- baby 5y agoI think there was some law in the UK that forced every bank to implement a common API. Not sure what the name was but I think the US could use some of that.
- kalleboo 5y agoUK CMA directive https://en.wikipedia.org/wiki/Open_banking#United_Kingdom https://en.wikipedia.org/wiki/Open_banking#United_Kingdom EU Payment Services Directive 2 (PSD2) https://en.wikipedia.org/wiki/Payment_Services_Directive#Revised_Directive_on_Payment_Services_(PSD2) https://en.wikipedia.org/wiki/Payment_Services_Directive#Rev...
- iamacyborg 5y agoOpen Banking?
- lapnitnelav 5y agoOh boy, if you have never worked for a bank, you would be inclined to believe they have this shit down to a T after being such early adopters of tech and all the risks they undertake given their roles. Turns out that it's best to ignore how the sausage is made.