Newsletter - February 2022

In this month's newsletter, learn about numerous product highlights—including timestamps for transaction data, Plaid Portal’s general launch, and an additional entry point to the Manual Micro-Deposit (MMD) flow—as well as our approaching update to Plaid Link.

Also note that on February 22, 2022, we updated our End User Privacy Policy and Privacy Statement, which you can view on Plaid.com/legal. We strive to always provide a simple and straightforward explanation of our policies and privacy practices. That’s why—in the meantime—we provided a preview of the updated terms.

Product highlights

New! Timestamps for transaction data

Timestamps are now available as part of the datetime and authorized_datetime fields in the Transactions API response. With timestamps, you're able to show more granular insights on your PFM app, reward customers based on the time of their purchase, and calculate spending velocity. Timestamps are available for transactions from select financial institutions in the US and UK only.

Plaid Portal US has exited beta and is now generally available 

After being in public beta since 2020, Plaid Portal US is now generally available. An industry-leading tool, Portal aims to make it easy for people to view the financial accounts they’ve connected through Plaid and control which apps have access to that data. To learn more about Plaid’s ongoing commitment to consumer privacy as well as Plaid Portal, see our blog.

“Link with account numbers” is now available in institution DOWN prompt for MMD customers

We are now offering another entry point to the Manual Micro-Deposit (MMD) flow on the institution DOWN prompt for customers with Fallback Auth enabled. When the end user selects an institution that is not currently available via Instant Auth, they can link via MMD instead. This feature is rolled out to all Fallback Auth customers, meaning there’s no action needed from you. For more info, see our updated Manually Micro-Deposit doc.

Proactive Vanguard and Fidelity connectivity Institution health messaging is now live

If you initialize Link with Investments, customers choosing to connect Vanguard or Fidelity during the daily institution downtime windows (between 9-11AM ET and 3-5PM ET) will be informed of the connection’s temporary unavailability and of a preferable connection time.

Exploring ways to improve transaction data categorization

We’re exploring ways to enable you and your users to provide us with direct feedback on transaction categorization. This could include an override feature that changes the category for a transaction based on your specific use case. If you’re interested in this feature, take this brief survey to share your thoughts or send a note to transactions-feedback@plaid.com.

Robust enrichment for your branded accounts

You’ll soon be able to access Plaid’s robust categorization and enhancement system to normalize the data from the spending and banking accounts you offer. Clean, structured data provides the foundation for you to then build personalized insights that drive user engagement. If you’re interested in testing this new solution, reach out to transactions-feedback@plaid.com.

Reminder: Upcoming update to Plaid Link

The updated Account Select pane will automatically be included in Plaid Link beginning April 1. This update provides users with even more transparency and control over the accounts they share with you and Plaid. To learn more and to migrate before March 31, see our guide, watch this video, or attend this upcoming workshop on March 2.  

Reminder: Upgrade to the latest Link SDKs

To provide an optimal experience for your customers, upgrade to Android 3.7.1 and iOS 2.3.3 this week, and React Native 7.2.2 next week. 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!

Virtual events

2022 fintech predictions Tech Talk

In case you missed our first Tech Talk of the year, our co-founder and CEO, Zach Perret, along with Plaid execs Ginger Baker and John Pitts, discussed some of the biggest fintech trends to watch for over the year ahead. 

In other news…

Zirtue uses Plaid to boost conversion rate by 10%

With 83% of Zirtue’s customers holding accounts at credit unions, the company needed an easier way to gain access to their accounts. After switching to Plaid, they boosted their conversion rate by 10%. Read the story. 

Financial Gym automatically categorizes 90% of transactions with Plaid 

Financial Gym was only able to automatically categorize 10% of transactions with their previous platform. After switching to Plaid, they were able to automatically categorize 90% appropriately. See why.