3 ms·
Congrats on the launch! I'm the CEO and co-founder of https://teller.io https://teller.io that uses private mobile banking APIs to provide access to bank accoun
by sjtgraham 5y ago
Congrats on the launch! I'm the CEO and co-founder of https://teller.io https://teller.io that uses private mobile banking APIs to provide access to bank accounts too, and you're right it's the way to go. We don't think regulation or OAuth based APIs will ever yield an improvement on this approach (explained why here - https://blog.teller.io/2021/06/21/our-mission.html https://blog.teller.io/2021/06/21/our-mission.html)
You're going to quickly find out that these API endpoints are commonly very well protected as build out your coverage however!
- timothygoltser 5y agoThanks! Teller looks really cool - there's definitely a real market for what you're doing, though I don't envy your position having to deal with the big banks given how misaligned incentives are in the retail banking industry. You made some good points about direct integrations - some of the public APIs we deal with are totally separate from the brokerages' internal APIs and that's made painfully apparent during an integration. It has taken us months to get access to prod keys at some of the largest institutions and many of them seek to impose pretty onerous conditions on our customers and their users once we get through their compliance processes. Still, we've seen brokerages becoming more receptive to the idea of opening up their APIs, so we're optimistic that we can form partnerships with them and nudge them toward building better public APIs.
- sjtgraham 5y agoYea, I'd agree that the misaligned incentives problem isn't nearly as bad for you guys as it in with retail banking. Good luck, rooting for you!
- seandoh 5y agoThanks for commenting - funny enough I was actually telling our team about Teller the other day - it's awesome how much you've been able to achieve. Would be great to stay in touch!