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Plaid REVIEW

Application Development Software

No user reviews
USER SATISFACTION 98%
OUR SCORE 9.0

What is Plaid?

Plaid is an application development platform that offers tools to leverage technology for financial services. Built by developers for developers, it streamlines how you connect your bank accounts to the apps you use. The interface of its front-end module is clean and simple to use which makes it easy to learn and operate according to what you’re building. It is also designed to optimize conversion.

Plaid offers six products: 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. This empowers you to build solutions and customize them according to your needs whether it’s for personal finances, business finances, lending, consumer payments, and banking and brokerage.

Plaid’s suite of analytics products supports an extensive list of financial institutions that are available through API. You don’t have to pay anything upfront when you use the platform’s core features and live set of API keys. The development environment is available for free for your first live accounts. Furthermore, you can generate unlimited Sandbox items as needed. Once you’re ready, that’s when you can choose to upgrade for Plaid’s production-level account.

Overview of Plaid Benefits

Plaid offers a development platform to empower your financial services. Here are some of its main benefits:

Reduce fraud threats

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.

Streamlined bank accounts authentication

When setting up ACH and EFT payments, the tool helps you simplify the process within minutes and doesn’t require micro-deposits. It offers a mobile-optimized flow that optimizes the transactions and lowers NSF and overdraft fees.

Comprehensive transaction history

Transaction data can be accessed from up to 24 months and thousands of financial institutions. 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. It returns into your account the number of funds. This allows account pre-funding and decreases fees accumulated from NSF and overdrafts.

Borrowers’ assets verifications

Asset Report is generated so you can view the account holder identity information, transaction history, and account balances. Since the software directly integrates into your digital loan application, you can mitigate risks with the use of 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 projecting of annual income for the current year through historical income and leverages employment validation.

Overview of Plaid Features

  • Categorized transaction data
  • Account authentication
  • Real-time account balances
  • Comprehensive API
  • Identity verification
  • Real-time & historical transaction data
  • Transaction & account data
  • Income validation
  • Borrower asset verification
  • Custom integrations
  • Mobile-optimized forms
  • PDF & JSON asset report formats
  • ACH authentication
  • Transaction geolocation, merchant & category data
  • Account & routing numbers
  • Credential-based flow
  • Form auto-fill
  • 256-bit AES encryption
  • Bank account connections
  • Standard/enterprise support

What Problems Will Plaid Solve?

1. You have no way of knowing if your shopping app users are who they say they are.

Solution: Plaid’s identity verification feature lets you compare key pieces of user-submitted data against what’s on file with the bank, allowing you to better identify users and root out fraud.

2. A stock trading app needs to authenticate bank accounts before making bank payment transfers.

Solution: By using credential-based login to link to user bank accounts during onboarding, Plaid helps mitigate payment failures and overdrafts while allowing the app’s user to trade faster.

3. A money management app wants to ensure that their users can have better control of their finances.

 Solution: When app users connect their bank account with Plaid, it leverages transaction data to make personalized recommendations for how to discover savings and pay down debt.

Awards & Quality Certificates

Plaid Position In Our Categories

Position of Plaid in our main categories:

10

Plaid is one of the top 10 Application Development Software products

10

Plaid is one of the 10
Application Development Software products


If you are interested in Plaid it may also be beneficial to analyze other subcategories of Best Application Development Software collected in our base of B2B software reviews.

Each organization has different needs and needs a software that can be personalized for their size, type of employees and clients, and the specific industry they are in. For these reasons, no system can offer perfect features out-of-the-box. When you look for a software product, first be sure what you require it for. Read some Plaid reviews and ask yourself do you want basic functionality or do you want complex tools? Are there any industry-specific functionalities that you are searching for? Find the answers to these questions to assist your search. There are multiple factors that you need to mull over and these include your finances, particular business wants, your organization size, integration needs etc. Take your time, try out a few free trials, and finally select the app that provides all that you need to boost your firm competence and productivity.

How Much Does Plaid Cost?

Testing – Free (get started with bank data APIs)

  • Connect 100 live credentials
  • Transaction & account data
  • Account & routing numbers
  • Real-time account balances
  • Comprehensive API docs
  • Unlimited test credentials in Sandbox
  • First 100 live credentials in Development free

Growth – Starting $500+ per month (subject to usage-based fees)

  • Unlimited credentials
  • All Testing features, plus:
  • Identity & income validation
  • Standard support
  • Unlimited live credentials in Production

Enterprise – Custom pricing (Tailored solutions/ customizations with best-in-class suite of APIs)

  • Unlimited credentials
  • All Growth features, plus:
  • Custom integrations
  • Hands-on implementations
  • Enterprise support
  • Dedicated account management

User Satisfaction

We realize that when you make a decision to buy Application Development Software it’s important not only to see how experts evaluate it in their reviews, but also to find out if the real people and companies that buy it are actually satisfied with the product. That’s why we’ve created our behavior-based Customer Satisfaction Algorithm™ that gathers customer reviews, comments and Plaid reviews across a wide range of social media sites. The data is then presented in an easy to digest form showing how many people had positive and negative experience with Plaid. With that information at hand you should be equipped to make an informed buying decision that you won’t regret.

POSITIVE SOCIAL MENTIONS

384

NEGATIVE SOCIAL MENTIONS

4

Technical details

Devices Supported
  • Windows
  • Mac
  • Web-based
Language Support
  • English
Pricing Model
  • Free
  • Monthly payment
  • Quote-based
Customer Types
  • Small Business
  • Large Enterprises
  • Medium Business
Deployment
  • Cloud Hosted
  • Open API

What Support Does This Vendor Offer?

  • EMAIL
  • TRAINING
  • TICKETS

What are Plaid pricing details?

Testing – Free (get started with bank data APIs)

  • Connect 100 live credentials
  • Transaction & account data
  • Account & routing numbers
  • Real-time account balances
  • Comprehensive API docs
  • Unlimited test credentials in Sandbox
  • First 100 live credentials in Development free

Growth – Starting $500+ per month (subject to usage-based fees)

  • Unlimited credentials
  • All Testing features, plus:
  • Identity & income validation
  • Standard support
  • Unlimited live credentials in Production

Enterprise – Custom pricing (Tailored solutions/ customizations with best-in-class suite of APIs)

  • Unlimited credentials
  • All Growth features, plus:
  • Custom integrations
  • Hands-on implementations
  • Enterprise support
  • Dedicated account management

What integrations are available for Plaid?

Plaid’s account authentication product called Auth works with over 1,500 institutions and fintechs with a coverage equivalent to more than 85% percent of bank accounts connected via Plaid, including hundreds of credit unions and community banks.

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