Ask HN: How Does Instant Bank Verification (IBV) Work?

[hellocs1]

For example, on Venmo, you can link your bank account through IBV by selecting your institution and logging in. Once you do that, Venmo can pull money and put money back in there. But how does that actually work under the hood?

[dylz]

A horrendous abomination of scraping, fake browsers, storing your credentials, probably. Probably also grab your transaction data while there. This seems to be par for the course for US accounts, unfortunately.

See: https://news.ycombinator.com/item?id=20135693 https://news.ycombinator.com/item?id=20134031 https://news.ycombinator.com/item?id=20133882