ETSY UPDATES BANK DETAIL CONFIRMATION, VENDORS UNCONTENT

 

Online sales platform, Etsy, says vendors in the U.S. will have to verify the bank accounts themselves or through a third party, in compliance with anti money laundering and other related regulations.

According to Reuters, vendors who were engaged showed displeasure towards the decision by Etsy. This suggests that vendors would have to make sensitive financial information known to third party fintech app , Plaid.

Vendors on the platform received emails pertaining to the new addition to their app. However, there have been complaints by about the process. Some have decided to exit the platform altogether.

“Unfortunately, a history of less-than-stellar communication and customer service contributes to a general lack of trust in Etsy,” said an anonymous vendor.

Despite a case concerning the alleged use of financial information without consent with nearly $60 million in settlements, Plaid has assured customers of a safe, reliable experience.