Plaid Description
Plaid is a global fintech infrastructure platform that enables businesses and consumers to securely connect to financial data and services. Through APIs that connect to more than 12,000 financial institutions across 20+ countries, Plaid operates the world’s largest open banking data network. By removing the complexity of direct bank integrations, Plaid enables developers, financial institutions, and enterprises to build secure, user-friendly, and conversion-optimized financial products. Plaid powers payments, lending, identity verification, fraud prevention, and personal finance applications. Today, more than 100 million people worldwide, including half of U.S. adults, have relied on Plaid through their connections to over 7,000 apps and services. Plaid supports a wide range of industries and financial workflows, including:
Banks & credit unions, Payouts streamline disbursements, and Pay by Bank supports direct consumer-to-business payments for recurring bills, subscriptions, and eCommerce, Mortgages & lending, Government & public sector programs, Property management, Gaming, Crypto & Digital Assets, Business finances, and Wealth Management. Customers include Venmo, Robinhood, Rocket, Carvana, Affirm, Invitation Homes, and many more.
Plaid is built with enterprise-grade encryption, continuous monitoring, and regulatory compliance, including PSD2 in Europe and FCA requirements in the UK. Plaid does not hold funds but enables secure data transfer and payment initiation.
Plaid provides trusted infrastructure across payments, identity verification, fraud prevention, account connectivity, and open banking. With scale, security, and mobile-first design, Plaid helps businesses create seamless and secure financial experiences for millions of consumers worldwide.
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Product Details
Plaid Features and Options
Banking Software
Financial Services Software
Online Banking Software
Application Development Software
Fraud Detection Software
Plaid provides an extensive suite of tools designed to verify identities and mitigate fraudulent activities. Its Identity Verification (IDV) feature empowers clients to authenticate their users through various methods, including document verification, liveness checks, and validation against reliable data sources. The Monitor service allows clients to identify if their users appear on government watchlists, employing screening for sanctions, politically exposed persons (PEPs), and other watchlists to ensure compliance with anti-money laundering regulations. Additionally, Plaid Protect serves as an AI-driven fraud detection platform that safeguards the entire user experience—from initial contact to transaction completion. Leveraging a network that connects over a billion devices across more than 7,000 applications, Protect equips businesses with the tools needed to combat complex fraud scenarios, such as account takeover (ATO), first-party fraud, and synthetic identity theft.
Loan Servicing Software
The Plaid Consumer Report equips lenders with FCRA-compliant cash flow information, delivering valuable insights into income, asset verification, and up-to-the-minute account activity to facilitate more assured decision-making. By utilizing Plaid’s distinctive network insights, lenders acquire a comprehensive understanding of a borrower's financial health that can be applied across the entire lending process. Featuring a market-ready risk assessment tool - Plaid LendScore - financial organizations can enhance their underwriting precision, approve more suitable applicants, and minimize losses through informed, data-centric evaluations.
Identity Verification Software
Plaid provides a robust suite of tools designed to verify identities and minimize fraud risk. Their Identity Verification (IDV) service enables businesses to authenticate users through a combination of document validation, liveness checks, and verification against trusted data sources. Additionally, the Monitor feature assists clients in identifying customers who may appear on government watchlists, incorporating sanction, Politically Exposed Persons (PEP), and watchlist screenings to ensure compliance with anti-money laundering regulations. Moreover, Plaid Protect is an advanced AI-driven fraud intelligence system that aims to identify and prevent fraudulent activities throughout the entire customer journey—from initial engagement to transaction completion. Leveraging Plaid’s extensive network of over a billion device connections across more than 7,000 applications, Protect empowers businesses to combat serious fraud challenges, including account takeover (ATO) incidents, first-party fraud, and synthetic identity theft.
Bank Verification Software
Plaid provides a comprehensive range of modular products designed to enhance account linking, risk management, and money transfer processes, ensuring that bank payments are more effective and scalable than ever before. The company features a complete lineup of Auth solutions, including instant Auth that covers 95% of U.S. bank accounts and database Auth for extended access. Additionally, Plaid's Identity tool helps confirm account ownership. The Signal platform, focused on payment risk, offers options for real-time balance verification or machine learning-based transaction risk assessments, all accessible via a hosted rules engine with a user-friendly no-code interface for immediate action on risk insights. Transfer, Plaid's versatile payment solution, accommodates various methods such as ACH, RTP, FedNow, and Request for Payment, with integrated risk decision-making through Signal. This all-in-one suite simplifies account connectivity, risk management, and secure money movement.
Plaid Lists
Plaid User Reviews
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Likelihood to Recommend to Others1 2 3 4 5 6 7 8 9 10
Plaid review. Date: Nov 02 2022
Summary: I think Plaid is a much better platform than other alternatives out there, like a Yodlee, it has much better design and just really gets the job done.
Positive: Good at what it does, fairly easy to set up and offers a lot of flexible customization features for bringing people into your financial apps.
Negative: Not a lot to hate about Plaid, I think the pricing can start to creep up if you have lots of users connecting their banks.
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Likelihood to Recommend to Others1 2 3 4 5 6 7 8 9 10
Easy to use on the customer side Date: Jan 25 2022
Summary: Overall happy with how easy it is to use on the customer side of the product. Not sure what it is like on the business side.
Positive: I have dabbled in the business side of plaid but as a customer it was easy to use. This review is more for businesses to hear what a customer thinks. I like how this works with cards. It's nice to be able to trust where you are putting your card info.
Negative: Nothing major. Have had issues with Discover not being accepted randomly until try 3.
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Likelihood to Recommend to Others1 2 3 4 5 6 7 8 9 10
Supports most major banks Date: Jul 17 2020
Summary: Fantastic experience using Plaid. Highly recommend it for apps that need to accept a variety of payment methods.
Positive: I'm a huge fan of how easy Plaid's API makes it to enable connecting different payment sources from different banks. The user logs in with the same online banking credentials they normally do, and the data stays where it's supposed to.
Negative: Nothing, really. From a user experience perspective Plaid's doesn't leave much to be desired.
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Likelihood to Recommend to Others1 2 3 4 5 6 7 8 9 10
Plaid connectivity Date: May 18 2021
Summary: Overall Plaid has been instrumental in the development of our company. There are issues that eventually get smoothed out. This is a great option for startup companies and relatively easy to use. The only suggestion is to upgrade the search bar to offer an advance setting to find banks easier.
Positive: Plaid was able to integrate banks that were not currently available. The time frame was six months but the integration process happened in three months. That was great as we can offer our services to more customers. Plaid has the vast majority of major banks, not so much smaller banks and credit unions.
Negative: There is no search option on their website to see if the bank institution is available through plaid. This would make it easier to let customers know right away instead of creating a fake application and searching on a live application.
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Likelihood to Recommend to Others1 2 3 4 5 6 7 8 9 10
Plaid is a decent software Date: Jun 18 2021
Summary: PLAID is a decent software that connects banks to other banks. It is affordable and allows companies a cheap option for bank details.
Positive: PLAID is quick and easy to use when connecting your bank accounts. Support response time is quick and efficient, something solutions are not found immediately though.
Negative: The back-end for companies could use some work it is very confusing. Submitting tickets are confusing and difficult. It is near impossible to get a ticket entered without having to deep dive into the transactions and finding request codes.
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