May 24, 2022

Financial Access Newsletter - May 2022

This quarter, we’re sharing highlights from Plaid Forum, our annual conference hosted last week in San Francisco, where developers, product experts, financial institutions, and industry leaders came together to discuss open finance innovations, trends, and how data partners can ensure consumers access the best that digital technology has to offer. 

Celebrating our API-first approach

Today, most of Plaid’s consumer connections occur through APIs, supporting our API-first approach to data connectivity. This is critical to ensuring that your customers’ connections are secure and reliable, offer a simple, best-in-class experience for your customers, and remove credential sharing with third party apps. We look forward to collaborating with even more institutions to drive API connectivity and unlock financial freedom for everyone. Contact us to learn more about our secure Data Connectivity solutions that can help you streamline your API implementation. 

New products & solutions

Data Connectivity solutions

Plaid’s Data Connectivity solutions help your customers easily and securely connect to Plaid’s network of over 6,000 fintech applications, including 9 of the top 10 most downloaded fintech apps in the Android + App store (downloads from the past 30 days as of May 9th, 2022).  

This solution set includes the new product, Core Exchange, which provides data partners with a streamlined way to implement the Financial Data Exchange (FDX) API specification. Core Exchange is available in early access starting today. 

Plaid Identity Verification (IDV) and Monitor

Plaid Identity Verification (IDV) and Monitor helps you fight fraud, create a high-converting customer experience, and ensure AML / KYC compliance. With Plaid IDV and Monitor, you can verify consumers’ identities in as little as 30 secs and maintain ongoing compliance with watchlist screening. Learn more and get in touch here

Alternative authentication

App2App is a new authentication approach where customers can authenticate via an institution’s app. This allows biometrics-based login, which removes the need for credentials, and increases conversion by as much as 15%. Contact your partnerships lead to learn more.

Plaid Enrich 

Plaid Enrich transforms messy data into user insights with our robust categorization and enhancement system. Clean and structured data provides the foundation for you to build tools and personalized insights that drive user engagement. Visit our website to learn more about this beta product.

Plaid partnerships

Current partnership

We’ve partnered with Current to provide their nearly 4 million members, many of whom are banking for the first time in their lives, with secure access to innovative tools that will help set them up for financial success. This integration leverages phone number and device authentication, which eliminates reliance on banking credentials and provides a frictionless customer experience.

Frost Bank partnership

We’ve partnered with Frost Bank to bring open finance solutions to nearly 400,000 customers, who now have control and transparency into where and how their financial information is permissioned and shared.

Green Dot partnership

Green Dot and Plaid have partnered to provide GO2bank customers with an API, token-based open finance experience. Now, GO2bank’s customers, many of whom are underbanked, can reliably connect to more than 6,000 apps powered by Plaid and manage their finances seamlessly, affordably, and with confidence.

Washington Federal partnership

Washington Federal (WaFd) and Plaid have partnered to provide API-based open finance to 200 branches across eight western states.  

In other news 

The API Economy named Plaid one of the top 10 API-first companies 

Marqeta, which issues cards for companies like Block and Uber, will use Plaid’s data-aggregation software to enable faster ACH transactions and account verification for Marqeta cardholders.

Canada announces its first Open Banking Lead