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May 18, 2022

Introducing Plaid Identity Verification and Monitor

Alain Meier

Updated on October 12, 2022

Plaid helps your customers connect their financial accounts so that they can access digital financial services easily and seamlessly. But account linking is only one piece of the puzzle. Identity verification is a critical part of the customer onboarding experience across all financial services, so today, we’re expanding our platform to deliver a full-stack onboarding experience for your business. 

We’re introducing Plaid Identity Verification (IDV) and Monitor - a complete verification, AML, and KYC compliance solution available in early access starting today. We’ve heard from many of you that having a frictionless identity verification experience is critical across a variety of use cases: from account opening and funding, to trading and lending. Now, verifying your customers is as easy as account linking with Plaid Link. Plus, the products are available without any additional integration work for most Plaid customers.

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Identity Verification 

High security, low friction 

Traditionally, building an onboarding experience for your customers required a trade-off between security and conversion. With Identity Verification, that’s no longer the case. You can now verify  identities in as little as 30 seconds with our easy, conversion-optimized experience, while fighting sophisticated threats like synthetic identity fraud, presentation attacks, and account takeovers. Powered by our risk engine, Identity Verification analyzes email, phone, IP address, and device ID to help prevent fraud while providing a frictionless experience for your customers.

One Plaid integration, a complete verification system

Not only does Identity Verification handle all forms of verification methods such as authoritative data source, documentary, and liveness (selfie) checks – it also makes it easy for you to expand into new markets and win customers globally with support for more than 16,000 document types. The best part: this is all through one single integration with Plaid. 

Verification, fully automated

Identity Verification fully automates the verification process - removing the need for manual reviews or intervention. With Identity Verification’s risk rules editor, you can define success criteria to acceptable risk levels, make real-time updates, and periodically re-KYC customers without any developer intervention. 

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Monitor  

AML compliance made easy

Monitor automatically scans customers against regularly updated government AML and politically exposed persons (PEP) lists. Monitor ensures the highest accuracy and least false positives thanks to our proprietary data enrichment and international name matching algorithm. 

Trusted by FTX, Wyre, Republic, and many more

Identity Verification and Monitor are built on Cognito’s industry-leading ID verification technology. We’ve already verified over 100 million identities, and screened more than 700 million unique identities against government watchlists. 

Get started

In the United States, Identity Verification and Monitor are available beginning today. 

Also, join us at Plaid Forum tomorrow at 11:20am PT to see Identity Verification and Monitor in action.