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May 12, 2023

Customer Newsletter

Rubi Santoro

For a complete list of updates, check out our Product and API Changelogs.


May 2023

We want to hear from you

We’re partnering with The Harris Poll to survey thousands of fintech consumers around the nation so that we can deliver the insights you need to build better products. Let us know what questions you’d like us to consider including in this year’s survey. Get started

What's new


Get better insights from your transaction data
We’ve added more actionable insights to the Enrich API such as whether transactions are recurring. Plus, our new entity IDs can help you build custom rules or logic for handling specific merchants. Learn more about how Plaid can enrich the data generated from your card products and bank accounts, or from non-Plaid sources.

Credit-specific categorization for lenders
The Assets API now offers credit-specific categorization for transaction data to help you assess a borrower’s cash flow. Categories include income, loan disbursements, interest payments, and more. To get started, call the /asset_report/get endpoint with include_insights set to true.

Coming soon: faster institution selection in Link
We’ll be introducing a new layout for the Institution Select pane that displays 8-10 logos (before scrolling) to help users find their institution faster. In a recent experiment, +4% more users were able to find and select their institution without having to use the search function.

More API-based traffic from the largest institutions
We’ve migrated 100% of our traffic to APIs for financial institutions including (but not limited to): Capital One, JPMorgan Chase, USAA, Wells Fargo. Additionally, we’ve signed agreements with RBC, Citibank and M&T to migrate our traffic to their API’s in the coming months. Learn more

API & integration updates


Urgent - Action Required: Chase In-Process Webview Deprecation on June 30
On June 30, Chase will no longer support in-process webview traffic. To avoid disruptions with Chase traffic, upgrade now to the latest iOS and React Native SDKs which support out-of-process webview and have a reduced package size. Or update your integration to use the default browser for OAuth flows. Learn more

Verify your CUSIP Global Services License by September 12
CUSIP Global Services (CGS) is the exclusive issuer of CUSIP and ISIN data, which Plaid provides as part of the Investments API. To continue receiving CUSIP and ISIN data, you will need to confirm that you’re licensed to receive this information or will lose access to specific fields in the Investments API on September 12, 2023. If your company has a license agreement in place with CGS, please verify it by filling out this form. If you do not have a license and would like to get one, contact CGS directly by emailing: cgs_license@cusip.com.

We’ve fixed the account scopes error
The way Account Select v2 and Update Mode previously interacted caused a “NO_ACCOUNTS” error. We’ve fixed this issue to ensure all account changes in Update Mode are properly reflected in the account scopes for an item.

Webinars & events


Announcing an all-new Plaid event: Threads ‘23 
Join us virtually for Threads ‘23 on June 22 at 9 AM PT, and get access to the latest products and cutting-edge updates designed to help you build the future of finance. Register now 

Tech Talk: Unlocking the next era of personalization in financial services
June 1 at 11:00 AM PT | Online 
Dive into the opportunities and challenges of uncovering user insights from internal transaction data. We’ll share the latest insights into the consumer-driven push towards personalization in banking, and highlight tools to help you transform messy transaction data into actionable insights. Register now 

Tech Talk: The road to real-time payments
On-demand
2023 will be a pivotal year for bank-linked payments as innovation around risk and fraud prevention is expanding use cases for ACH. Watch now to learn about the road to real-time payments.


April 2023

What’s new 


Transfer’s Instant Payouts via Real-Time Payments (RTP)
As digital finance evolves, people will expect on-demand experiences like receiving their money quickly and easily, without having to wait days. That’s why we built Instant Payouts–a multi-rail payout solution to send funds instantly to any eligible account (person or business), at any time. Explore now

Simple and fast employment verification
Plaid Income can now help you verify anyone’s employment information such as employer, start date, and title from their connected payroll account, either with or without other income information. Get started

API & integration updates


Chase In-Process Webview Deprecation on June 30
On June 30, Chase will no longer support in-process webview traffic. To avoid disruptions with Chase traffic, upgrade now to the latest iOS and React Native SDKs to support out-of-process webview. Or update your integration to use the default browser for OAuth flows. Learn more

Access risk insights from identity verification sessions
Build your own risk decisioning models using insights from the Identity Verification API. Get insights such as if an email is disposable, behavior that matches that of a fraud ring, a list of accounts a user has on the web, and more. Explore risk data

Customize Link for a better user experience
Add your logo to the Link consent pane to help ease people into the experience of connecting their financial accounts. Additionally, use Plaid’s default list of financial institutions that is personalized to users, such as their location. View customizations

Webinars & events


Fintech Nexus
May 10-11 | New York CIty | Booth 513
Connect with the Plaid team at the largest fintech event in NYC. Stop by our booth to learn how we’re building the future of digital finance. You can also book a meeting by emailing your Plaid Account Manager or events@plaid.com.

In other news…


Copilot is Powered by Plaid 
Discover how PadSplit used Plaid to lower its reliance on manual income verification by 70%, helping PadSplit 3X their membership growth year over year. Read the story


March 2023

What’s new


[Action Required] Chase In-Process Webview Deprecation on June 30
Starting June 30, Chase will no longer support in-process webview traffic. To avoid disruptions, upgrade to Plaid’s latest SDKs for iOS and React Native to support out-of-process webview. If you’re currently using a webview integration, please adopt the latest sample integration code (Android, iOS), which handles using the default browser for Chase OAuth flows. Universal links are also recommended to improve the user experience.

New Identity Match Feature
Plaid Identity now includes a matching functionality that allows you to match users’ Identity data on file with the connected bank to your first part identity data. We provide you with a score for the name match along with the additional fields returned by Identity. Learn more

Improved Link conversion for iFrame integrations
For customers with an iFrame integration, your mobile users will now connect their account from an OAuth institution using a pop-up window from Link. In recent tests, this improved conversion when compared to redirecting within the existing browser window. This automatic change is now live.

Updates to Assets
Plaid Assets now includes unique credit categorizations and an associated attribute library for bank account data to help lenders calculate more relevant attributes. With these new features, you can easily summarize relevant insights like total amount of loan disbursements or net cash flow. 

Document Income improvements
Plaid’s Document Income product now includes fraud protection. Parse and scan paystubs, W2s, and 1099s for fraud signals–including database flagging and content tampering. 

Plaid + Freddie Mac partnership
Our partnership with Freddie Mac now allows mortgage lenders to automate the assessment of borrower assets and income using direct deposits. Learn more.

Join the waitlist
Sign up and join the beta waitlist for low-code Link Delivery mechanisms and Bank Statement PDFs

Detect annual subscriptions with Recurring Transactions
Recurring Transactions can now detect annual subscriptions such as Amazon or Hulu. In addition to the weekly, biweekly, semi-monthly, and monthly cadences already detected, Recurring Transactions also provides key insights on recurring expenses and deposits so you can help users manage and reduce unwanted subscriptions.

Access more insights on users’ transactions 
Want to better personalize user experiences or customize rewards programs with transaction insights? You can now get merchant logos and websites, as well as identify all parties involved in a transaction (e.g. marketplaces like DoorDash or payment apps like Venmo). This new feature is available as part of our beta program. If you’re interested in testing, email us at transactions-feedback@plaid.com.

Webinars & events


Fintech Meetup 
Las Vegas | March 19-22 
Join us live and watch Plaid’s Head of North American Policy, Leigh Lytle, present 1033 Rulemaking and the Future of Open Banking and Ginger Baker, Head of Financial Access, speak on How Fintechs Can Win With Open Finance.

Smarter Faster Payments 2023
Las Vegas | April 16-19 | Booth 539
Join us in person or watch online as Plaid’s Head of Payments, John Anderson, speaks during the session, Leveraging Identity & Bank-Linked Data to Improve Consumer Onboarding to the ACH Network. 

Attending in person? Let’s connect! Book a meeting by emailing your account manager or
events@plaid.com

Navigate FINTRAC compliance with Plaid
Watch our latest Tech Talk on demand and learn how Plaid Identity Verification can help you confirm customers’ identities in seconds, reduce fraud, and comply with KYC requirements. Watch now

In other news…


Copilot is Powered by Plaid 
“As close to perfect as you can get” – Copilot uses Plaid to tap into expansive institution coverage and consumer-permissioned data to better help users reach their financial goals. Read the story.


February 2023

What’s new 


Chase In-Process Webview Deprecation on June 30, 2023
Starting June 30, Chase will no longer support in-process webview traffic. To avoid disruptions with Chase traffic in the future, upgrade soon to Plaid’s SDKs for iOS v4.1.0 and React Native v9.0.1 (or later) to support out-of-process webview. Once you upgrade, you can test out-of-process webview in Development before it’s enabled in the Production environment as the deadline approaches.

Plaid Identity Verification and Monitor launches in Canada and the United Kingdom
Our global verification and KYC compliance solution is now available in Canada and the UK. With Plaid, businesses based or operating in Canada and the UK can comply with local CIP requirements, confirm customers’ identities in seconds, and reduce fraud. Join our tech talk on February 28 or get started today.  

Better insights with merchant name enhancements 
To help you deliver the best spend management insights to your customers, we’ve improved merchant name quality for the Transactions API. This includes increased merchant name standardization and fill rate, which you’ll see automatically. Send us feedback

Meet consumer needs with easy to implement Open Finance solutions
Consumers want digital tools to manage their financial lives. Whether it’s for budgeting or paying a bill, they expect secure access across all of the fintech apps they use. Plaid’s Open Finance solutions streamline API connectivity, build customer trust, and improve customer satisfaction. Learn more

Plaid partners with Okta for OAuth integrations
Plaid and Okta are making it easier for companies in the financial services industry to build OAuth integrations, and move faster to secure API connectivity. This will streamline the process of authentication, authorization, and aggregation of consumer-permissioned data. Email us to learn more.

Tune in to the Plaid Academy
Watch our latest videos on improving conversion in Link, getting started with Auth for ACH transfers, and offering data connectivity for consumers.

Webinars & events


Navigate FINTRAC compliance with Plaid
February 28 at 11:00am PT 
Join our tech talk on February 28 to learn how Plaid Identity Verification can help you confirm customers’ identities in seconds, reduce fraud, and comply with KYC requirements. Register

American Banker Webinar
Recently, we hosted a webinar with American Banker on “Advancing consumer privacy in the era of digital finance.” Plaid executives and industry privacy experts discussed industry trends around privacy and consumer data access. Watch recording

In other news…


SoFi is powered by Plaid
Today’s consumers want a full understanding of their financial habits in order to save, spend, and invest smarter. That’s why SoFi uses Plaid to help members connect their financial accounts and get access to personal insights. Watch now


November 2022

What’s new


Meet your borrowers’ needs with our new credit features 
A tough economic landscape offers opportunities for lenders. This is the best time to review your origination process, create clear digital transformation goals and implement technologies to speed up your cycle and drive down costs. Our latest updates to our credit products, Income and Assets, can help lenders expand credit to more customers, offer competitive loans, and reduce risk and fight fraud through automation. Read more

Unlock instant ACH and reduce ACH return risk with Signal 
With Signal, you no longer have to make that hard choice between risk reduction and growth. Built on Plaid’s open banking platform, Signal is a machine-learning risk engine that predicts return risk and fraud for ACH transactions. For each transaction, Signal analyzes over 1,000 risk factors and returns risk scores, risk tiers and more than 60 attributes for faster, more confident bank payments. Reach out to your account manager if you are interested in learning more. Read more

The next phase of bank payments – safer, smarter, faster 
Through our partners, Plaid’s APIs help power nearly a billion ACH-based transfers every year across thousands of apps, making it easier for people to fund new accounts and digital wallets, make investments, and send and receive payments.  In our latest blog post, John Anderson, our Head of Payments, outlines Plaid’s efforts towards safer, more convenient bank payments and previews Plaid’s plans to accelerate adoption of real-time payments (RTP) and emerging rails with FedNow. We are partnering and actively building our solution via our Transfer beta to be available early 2023. Reach out to your AM if  you’re interested. Read more

Stay on top of your customers’ subscriptions and bill payments
Recurring Transactions identifies your customers’ subscriptions, bill payments, and account deposits. With this feature, you can help them reduce spend from unwanted subscriptions and build credit with on-time bill payments. And to make it easier to track changes over time, our webhooks notify you when there are updates to existing recurring streams or when new ones are added. Request access to Recurring Transactions in the Plaid Dashboard. Get started

Webinars & events


American Banker Web Seminar: Prepare for the next evolution of open finance in the U.S
November 30 | 2 p.m. ET / 11 a.m. PT
Governments across the globe are embracing open finance as consumers increasingly demand digital tools and services to better manage their financial lives. Join Plaid’s Leigh Lytle and industry experts from the Consumer Bankers Association and the American Bankers Association for a webinar on how organizations of all sizes can prepare for the future. Register now 

Executive Fireside Chat: Maximizing margins in a challenging lending market
Is there a better way to orchestrate the lending process amidst rising interest rates and recession fears? Hear from Michelle Boros, Head of Product, Credit at Plaid and John Forrester, Head of Product at Ocrolus on how you can leverage technology to optimize your lending workflows for both the booms and busts of the economy. Watch the recording

Discord AMA: Connect crypto wallets with Wallet Onboard 
Last month we introduced Plaid’s newest solution: Wallet Onboard, a developer-first wallet onboarding experience for crypto and web3. In our recent Discord AMA, we discussed how you can unlock connectivity to over 300 self-custody wallets like MetaMask, Coinbase Wallet, and Ledger through one simple SDK integration. Watch the recording

In other news…


MSU Federal Credit Union enables better data connectivity with Plaid 
Learn how MSUFCU unlocks data connectivity, improves connection health, and dramatically reduces support ticket volume with Plaid’s Data Connectivity solutions. Read the story

Build the future of digital finance, together
We’re asking for feedback on Plaid, including what you want us to improve on or build in the next 6 months. Your insights matter as it helps guide our development work. Share your thoughts and ideas via Productboard. Just confirm your email address in order to submit feedback. Get started


October 2022

What’s new 


Connect crypto wallets with Wallet Onboard 
Introducing Plaid’s newest solution: Wallet Onboard, a developer-first wallet onboarding experience for crypto and web3. Unlock connectivity to over 300 self-custody wallets like MetaMask, Coinbase Wallet, and Ledger through one simple SDK integration. To learn more, join us for a Discord AMA (Ask Me Anything) on November 1 at 10 a.m. PST.

Introducing new data sharing privacy tools
Plaid's recently launched Privacy Controls suite is a collection of open finance data privacy tools. Included is a new API product, Permissions Manager, which enables your organization to build your own consumer permissions portal. It gives your customers greater visibility and control over Plaid-powered data sharing connections. Reach out to get started.

New Identity Verification features 
Plaid introduced two new Identity Verification features to help improve conversion and reduce fraud. IDV’s new autofill experience speeds up verifications without sacrificing security by using our network of bank-grade data that meets CIP requirements, autofill populates identity information like full name, address, and SSN. We’ve also added more intelligence to our fraud detection engine to analyze behavioral attributes during the verification process. By assessing device behavior and how a user enters their PII, IDV detects risky behavior consistent with bad actors, fraud rings, and bots. Reach out to our team to get started with IDV.

Fast and high-quality transaction data enrichment at scale
Introducing a new API that can categorize and enrich the transaction data you retrieve directly from end-users, payment processors, and data aggregators. Securely send Plaid your data and we’ll return actionable insights including merchant names, logos, websites, and categories. Additionally, we’ll identify and label counterparties involved in a transaction including payment apps, financial institutions, and delivery marketplaces like DoorDash. Explore how Plaid can add meaning and context to your messy data. Send us a note to get started. 

Plaid Academy: Auth in 3 Minutes
Want additional guidance on implementing Plaid Auth? Check out this short tutorial video. New Plaid Academy videos are regularly added to our YouTube channel.

We’re on Discord
Join our (beta) Discord community for developers, where you can hang out and chat directly with your peers as well as members of the Plaid engineering team. Fill out this super-short application to get started. 

In other news…


The Fintech Effect 2022
We’ve just released The Fintech Effect: Stability, impact and building for the future. Explore why consumers keep using fintech tools and how you can innovate to build the future of digital finance. Download it here

Betterment grows the lifetime value of users 
Discover how Betterment uses Plaid to seamlessly onboard users and drive engagement with more personalized user experiences. Read the story.


September 2022

What's new


Improvements to the Usage page in Dashboard
Want more insight into your cumulative and daily Plaid usage? Now, you can view your usage whenever you want so you can better anticipate associated spend, instead of waiting until your monthly invoice becomes available. See your usage now

Introducing Data Transparency Messaging (Beta) in Link
To give consumers even more transparency in Link, we’ve introduced a new feature to show them the types of financial data an app is requesting. To learn more about implementing this feature, please see our migration guide

Stay up-to-date on Nacha’s Operating Rules
Staying compliant with Nacha’s ever-changing rules can be a challenge. As a preferred Nacha partner, Plaid helps you keep your business up-to-date and delivers a safe and secure ACH experience for your customers. Want to know more about Nacha’s latest updates and how Auth can help you stay compliant? Read our latest blog.

Join us on Discord
Plaid has launched a (beta) Discord community for developers, where you can hang out and chat directly with your peers, as well as members of the Plaid engineering team. To join us, just fill out the super-short application. 

Reminder: Upgrade to the latest Link SDKs
To provide an optimal experience for your customers, upgrade to our latest SDKs: Android 3.10.1, iOS 3.1.0, and React Native 8.0.0. Please note thatPlaid will no longer require an SDK upgrade by 11/2/22 and will maintain support for versions prior to Android 3.5, iOS 2.2.2, or React Native 7.1.1. However, we highly recommend upgrading your SDKs to the latest versions See the latest releases.

Webinars & events


Executive Fireside Chat: Maximizing margins in a challenging lending environment
September 29 at 1pm ET
Join Melissa Boros, Head of Product, Credit at Plaid and John Forrester, Head of Product, Ocrolus for a fireside chat on how to drive revenue growth by automating the lending process using Plaid & Ocrolus. Register now 

Tech Talk: Get more new customers at a lower cost with Plaid IDV
In case you missed it, hear from Plaid’s Head of Identity, Alain Meier, as he discusses how Plaid Identity Verification and Monitor can help you do more with less—that means onboarding more new users while saving your risk and compliance teams hundreds of hours every month. Watch here 

In other news…


Q&A with Dominic Bennett, Co-founder & CTO at Klover 
Discover how Klover drives engagement through actionable insights and seamless user experiences with Plaid. Read more