January 04, 2019

Changelog - 2018 Year in Review

Baker Shogry & Jesse Dhillon

Updated on January 04, 2019

2018 was an exciting year for everyone in fintech. As we kickoff the new year here at Plaid, here’s a look back at our product launches, improvements, and milestones over the last year.

Institution Coverage: We continued to expand our institution coverage across all products, surpassing major milestones for Auth, Identity, and Transactions. Today, Plaid works with more banks and credit unions in both the U.S. and Canada than ever, ending the year at:

  • 10,000+ institutions for Transactions

  • 3,800+ institutions for Auth

  • 3,100+ institutions for Identity

Coverage is a matter of depth in addition to breadth. In addition to adding more institutions to our platform, we upgraded existing connections for hundreds of institutions across many dimensions, including delivering longer transaction histories, lower latency, more frequent updates, more granular information for business accounts, and expanded coverage for joint account identity information.

Canada: Our vision of enabling innovation in financial services took us to Canada, our first international market. With one API, our customers can now support users not only across the U.S., but also Canada, including support for RBC, Scotiabank, TD Canada Trust, Bank of Montreal, CIBC, Tangerine, ATB Financial and Desjardins, with many more on the way in 2019.

Link: We pressed forward on our continuous effort to improve Link for maximal conversion and the best possible developer experience. Some notable improvements to the experience included:

  • 6,300+ more bank logos and colors, along with displaying bank homepage URLs in search

  • Unified design across Link for web and iOS

  • Proactive messaging to end users during bank downtime to redirect users to other institutions while reducing frustration

  • Improved third-party password manager support

  • Support for alphanumeric MFA codes and the ability to customize Consent in Link

  • Better VoiceOver accessibility

If you haven’t already, check out our latest release of LinkKit v1.1.14.

Transactions: In addition to longer transaction histories, lower latency, and more frequent updates as mentioned above, we made a number of improvements to our Transactions product during the year. At the start of the year, we boosted transaction categorization to cover 100% of transactions. Recently, we made major improvements to how we match pending transactions and posted transactions. We now correctly match 99.5% of pending transactions that should be matched, an improvement from 86.9% before.

Assets: We launched our new Assets product in partnership with Fannie Mae to better serve the mortgage and broader lending industry with a faster and more secure experience for borrowers. Subsequently, we added new features to help further simplify the underwriting process, including categorized transactions, account filtering, and report refreshes.

Dashboard: We introduced environment-specific API secrets and improved the usage view to visualize item adds and removes over time, along with a breakdown of usage by product. Additionally, you can now easily view and change your default API version as well as toggle on or off Canadian coverage.

Stay tuned for more to come in 2019! 🚀