[ignoramous]

Can someone pls ELI5 how Plaid, Yodlee, AuthLayer are valid businesses and not hit with regulatory hurdles? They seem to be scraping bank websites behind the scenes. Whilst I have no idea abt the US/EU market, I know for a fact that most banks do charge exorbitant fees to access accounts over APIs (esp if you're a BigCo and need that kind of control). Surely, the banks can't be happy abt that? Surprising they haven't lobbied yet against this or aren't stampeding all over Plaid et al with lawsuits?

[namdnay]

Per PSD2, the banks have to offer APIs. It’s already possible in Europe to see your balances from another bank on your primary banks app

[ejwocjfbw]

Fairly certain they’re paying for the APIs. I used to work at Visa and a lot of fintech startups paid for our APIs (for data, not transactions), so I imagine they would pay the banks too.