Plaid

Categories: Data aggregation / KYC

Plaid

About the company

Plaid is a technology platform that modernizes banking infrastructure to make it possible to build products that leverage financial data. Plaid builds custom connections with banks, leading to better data, stronger reliability, and simple solutions—with coverage across thousands of financial institutions in the United States.

Plaid’s technology powers the connections between players in the financial industry. We help applications connect with users’ bank accounts to facilitate the secure exchange of financial data and create modern functionalities with seamless user experiences. Our clients range from new financial services players to major banks and other Fortune 50 companies.

A partner for the changing financial landscape

Bank customers across all demographic and geographic groups increasingly want to access their financial data in new platforms that help improve their financial lives. Enabling secure, transparent data access in alternative platforms can help financial institutions deepen loyalty with customers in this new era of digital financial services. Plaid’s extensive product capabilities and consumer-first user experiences can help strengthen your customer relationships in this fast-evolving landscape.

Join the financial institutions and Fortune 50 companies who use Plaid today for use cases including consumer onboarding, tokenized ACH, consumer fraud avoidance, and identity validation.

ACH authentication for onboarding and funding

Let users seamlessly link bank accounts for ACH transactions with Plaid’s Auth API. Plaid data shows that our credential-based login flow leads to completion rates of over 85 percent. Our clients use Auth for card payments onboarding and servicing, proactive line increases on credit cards, loan repayment and servicing, and business-to-business invoicing and payments.

Detailed and reliable transaction history

Get clean, machine-readable data from consumers’ transaction histories with Plaid Connect. Connect will return user-friendly merchant names, amounts spent, and geolocation tags for each transaction. We provide over 500 categories across three layers and can pull an average of 12 to 18 months of transaction history. Our proprietary connections with the top financial institutions in the United States provide you low-latency connections with very high uptime.

User analytics and risk management

You can use Plaid’s Info API for user identity verification including corporate and business accounts. Data returned by Plaid can help you uncover fraudulent activity and identify abnormal behaviors in your users.

Plaid Balance provides real-time balance checks to increase customer engagement and reduce servicing costs. You can use these real-time balance checks to move money faster with minimal risk and to reduce non-sufficient funds (NSF) fees for auto-debits by checking the account’s balance first. Give your customers best-in-class service by using Balance to offer users alerts on non-sufficient funds in external accounts.

The Plaid difference

With Plaid, you’re integrating with best-in-class technology that provides custom data feeds with high availability and uptime. Our solutions are built with the consumer in mind, and our products are encrypted end-to-end, so credentials don’t need to hit developer systems, and all information is tokenized to protect user data.

Want to add Plaid to Backbase? Let’s talk!