this post was submitted on 12 Aug 2023
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Companies like Intuit aka Quicken pay large sums of money to not only access banking API's but also lobby heavily to keep them closed source. They also make sure that other access to the same API's come at a higher rate so that competitiors will pay more for access or support when things break. Its why theres very few alternatives and of what alternatives there is either generally requires you to setup your own export/import system for transactions or is backed by huge sums of VC (ie: Mint, which is also now owned by intuit).
Similar to how companies like TaxAct or TurboTax (another Intuit brand) lobby heavily to make tax filing overcomplicated and confusing AF so they can sell tax filing services. Even getting to the free file is purposefully designed to push to you pay some company 350 bucks to tell the government what you made (which they already know and tell you in your tax filing).
Basically banks and merchants (or more accurately their processing systems used by banks and made by companies like Jack Henry, FIS etc) are in co-hoots to avoid progress and keep their walled guarden closed.
how is it incest though?
It’s a general term used to denote that two companies of the same/very similar sectors are in bed with each other with an arrangement that is exclusive and specifically designed to keep outsiders out
I have never heard the word used that way before. Thank you for the clarification.
I think it’s shorthand for “buddy-buddy.”
Like they’re keeping it in the family and not letting any outsiders in.