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Plaid

Name: Plaid
Rating: 4.5 (2 reviews)

By Plaid

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Highlights : About Plaid

Categorized transaction data

Real-Time Account View

Transaction Data History

Borrower asset verification

PDF & JSON Format Support

Credential-Based Workflow Option

Standard/enterprise support

About Plaid

Application development software Plaid is designed to allow applications to connect with the bank accounts of users, providing them with access to banking data while reducing risk and validating ownership of such accounts. It helps financial services leverage technology without requiring users to undergo steep learning curves. The interface of its front-end module is clean and simple to use with ease-of-use defined depending on what project you are working on. The app comes in three modules–Auth, Assets, Balance, Identity, Income, and Transactions. Each product enables access through a single integration and generates data to be used in improving end-user experience. Built by developers for developers, it streamlines the way apps connect to bank accounts.

Specifications

Business Size

Startup

Customization

Yes

Deployments

Cloud

Language Support

English

Platforms

Product Details

Features

Categorized transaction data

Account authentication

Real-Time Account View

Comprehensive API

Transaction Data History

ACH Authentication Tool

Income validation

Borrower asset verification

Mobile-optimized forms

Custom integrations

PDF & JSON Format Support

256-bit AES Encryption

Transaction Geolocation Tracking

Routing Number Support

Credential-Based Workflow Option

Auto-Fill Tool for Forms

Standard/enterprise support

Bank Account Integration

Benefits

Easy Deployment

Plaid is designed for use by app developers, making it but natural for it to be deployed with ease. Setting up the solution is a breeze, all it takes is a few lines of computer codes.

Great User Experience

For app developers, the solution offers the ability to come up with applications that come with accessible user experiences. This makes the app popular among millions of users in the United States alone. This is made possible by Plaid’s ability to adapt to whatever app is being developed.

Improved Financial Health

Getting a clear picture of the financial health of users can be cumbersome at times, especially when it involves multiple financial institutions. With Plaid, users can consolidate information from numerous financial sources and makes them easy to use as transaction data are categorized.

Business Financial Management

For organizations, financial management can be a tedious undertaking with processes more often than not proving to be complicated not only for staff but for customers as well. Because Plaid allows you to connect bank accounts to applications, it effectively slashes time spent on financial management.

Make Consumer Payments Easier

Allowing consumers to pay through EFT or ACH is far cheaper than using credit cards but can be problematic when it comes to signing in not to mention authentication. The platform makes setting up ACH payments a lot faster while focusing on security and the provision of user experience. All you have to do is enter users’ credentials and their accounts are authenticated in an instant. It offers a mobile-optimized flow that makes the transactions more efficient and lowers NSF and overdraft fees.

Show Account Balances in Real-Time

Your account balances are verified in real-time with the use of Plaid’s Balance product. This allows account pre-funding and decreases fees accumulated from NSF and overdrafts.

Borrowers’ Assets Verification

Asset Report is generated so you can view the account holder identity information, transaction history, and account balances. Since the software directly integrates with your digital loan application, you can mitigate risks using bank data and optimize the borrower experience with time-saving processes.

User Income Validation

Validating user income and employer information with accuracy is accomplished through a comprehensive bank deposits analysis. It streamlines the projection of annual income for the current year through historical income and leverages employment validation.

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