Plaid Review

What sets Plaid apart is its ability to connect bank accounts to specific applications. The system has more benefits to offer app developers. Here are some of them:

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 and you’re good to go.

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.

Reduce Fraud Treats

Plaid gives you a product that empowers you to verify user identities according to their bank files. In each account, you can collect names, addresses, email and phone numbers information so you can personalize the forms when linking accounts.

Comprehensive Transaction History

Transaction data can be accessed from thousands of financial institutions and up to 24 months. Aside from the transaction history, you will also get updates on recent transactions to help you gain insights to use for improving the user experience.

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.