I always wondered how do folks start companies to built integration with banks and provide APIs.
Where does one even start? The only way I see is to stumble across someone who works in bank? If bank, has to be beyond a bank teller.
Where does one even start? The only way I see is to stumble across someone who works in bank? If bank, has to be beyond a bank teller.
They subsequently went with one we had never heard of. Rumor had it that it was owned by somebody on the board.
So that's n=1, corruption 100% of the time.
In some cases regulations like PSD2 give you a "shortcut", but even then it's a sham because in practice the APIs you're given are dysfunctional and you will have to spend significant efforts making up for the shortcomings of the API (in some cases it's insane things like blatantly violating both the specification and even common sense, such as settled bank transactions outright disappearing without a corresponding reversal transaction).
Or just ping biz dev people from the bank on LinkedIn until you find an in. Someone will be thrilled to get a warm inbound lead.
Without them, it would be pretty hard to validate the idea (and basically impossible to sell).
The legal stuff is unbelievable...
The GTM: the end customers are hedge funds/institutional investors, which are pretty hard to approach directly. So, we developed a B2B2B: we sell to large brokerage firms, which resell to the end customers.