September 01, 2020
Get instant updates to account activity through Plaid Exchange
Updated on September 01, 2020
In May, we launched Plaid Exchange, an open finance solution for institutions. With growing demand for digital financial services, we are continuing to evolve Plaid Exchange to provide enhancements that serve our institutions, developers, and users.
That’s why we’re launching instant account activity today. It allows institutions on Plaid Exchange to send user-permissioned transactions data to authorized Plaid developers within seconds of a user’s activity. This allows users to have a consistent, up-to-date picture of their finances when they use apps powered by Plaid.
One of our early beta partners, Branch, saw the benefit of instant account activity firsthand. Their users access the Branch mobile app to get paid, manage their cash flow, and spend money. Some of these users are hourly workers who may have varying incomes and are facing instability due to the pandemic. A single mistimed purchase can make or break their account balance.
“Instant, real-time data has become standard for consumers today and it’s a critical piece of information that our users need to make sound financial decisions,” said Branch CEO Atif Siddiqi. “Plaid provides our users with the most current picture of their transaction history, empowering their daily financial decisions.”
Image provided by Branch
Instant account activity is available to all financial institutions on Plaid Exchange. To learn more about getting started, contact our team.