April 26, 2022
Newsletter - April 2022
In this month's newsletter, learn about our latest product highlights—including a new way to verify a user’s income and employment in seconds, helpful updates to Plaid Assets, and a more personalized ‘Institution Select’ pane for Link. Plus, register for Plaid Forum, our upcoming immersive experience.
Verify income and employment in seconds with Plaid Income
Our newest solution, Income, provides the most comprehensive income verification product suite—Payroll, Bank, and Document Income—to verify a user’s income and employment and improve underwriting and decisioning processes. Ideal for the lending and/or proptech space, Plaid’s new offering delivers a flexible and adaptable solution to your needs, with best-in-class conversion rates and complete consumer coverage across our products. Discover how Purpose Financial improved their loan application rates with Income and learn more about our new solution.
Seamlessly update existing items with Assets Upgrade Mode
As fintech innovators expand into new product offerings and services, they need a fast, easy way to access user-permissioned data from Plaid’s APIs without requiring users to re-connect their financial accounts, which causes friction in the user experience and delays in accessing data. To solve this issue, Plaid has built Upgrade Mode, which allows you to easily upgrade an existing, healthy item to our Assets API so that an Assets report can be retrieved and shared for lending use cases. In addition, many users can easily share their information without having to connect their account(s) again using credentials.
Improve data sharing between lenders and partners with Relay Token
We recently built a new way for lending clients and their service providers to share Assets information: Relay Token will allow service providers to receive a copy of an Asset report directly from Plaid and refresh the report’s information on behalf of their end client. This new endpoint allows both service providers and end clients to directly access and leverage Plaid data to build better financial products.
Assets added to Plaid Dashboard support categories
Plaid Dashboard now supports Assets-specific quality issues: missing assets data and faulty assets data. Please file Assets-specific support tickets under these categories.
Increase conversion with Link Institution Select Shortcut
Link Institution Select Shortcut helps improve conversion by providing users with an even more personalized ‘Institution Select’ pane. If you already know your customer’s financial institution routing number before they open Link and pass the data to Plaid, you’ll enable Plaid to present your customer’s institution(s) at the top of the ‘Institution Select’ pane. You can learn more about how to enable the Link Institution Select Shortcut here.
Reminder: Account select pane migration in progress
All customers are now required to use the updated account select pane in order to give users even more control and transparency when linking their accounts using Plaid. The automatic migration to incorporate this updated pane in all Link flows is currently underway. To learn more, please review our migration guide.
Reminder: Upgrade to the latest Link SDKs
To provide an optimal experience for your customers, upgrade to our latest SDKs. Android 3.8.0, iOS 2.5.1, and React Native 7.4.0 are now available. Please note that we’ll no longer support any versions prior to Android 3.5, iOS 2.2.2, or React Native 7.1.1 after 11/1/22. Upgrade now! See the latest releases.
Join us for Plaid Forum–virtually or in San Francisco!
5/19 | 9:00 a.m. - 4:00 p.m. PT
The countdown is on. Join the world’s leading developers, innovators, and business leaders on May 19 for Plaid Forum—an immersive, one-day hybrid experience designed to inspire, empower, and equip you to build the future of digital finance. This event is free for everyone. Register today!
In other news…
Tech Talk: Build an investment platform customers love
Watch our latest on-demand Tech Talk with Ashley Curran, Director of Product at Betterment, and learn how they harnessed Plaid to build easy-to-use wealth management tools that offer personalized and expert advice to more than 700k customers nationwide. Watch now.