June 21, 2022
Newsletter - June 2022
Jenny Chiu
In this month's newsletter, learn about new products that can help with your AML and KYC compliance obligations, as well as a beta that guarantees settlement for ACH transactions, permitting a real-time response. Plus, read about the latest enhancements to Update Mode, Transactions, and Auth, and watch Plaid Forum 2022 on demand!
Events
Watch Plaid Forum 2022 on demand
Plaid Forum may be over, but we’re just getting started helping you build the future of digital finance. Now, you can access 20+ hours of on-demand video content including mainstage keynotes, product announcements, immersive demos, and breakout sessions led by Plaid experts—all recorded live at Plaid Forum 2022 in San Francisco. Watch now
Product highlights
Improve conversion and fight fraud with Identity Verification and Monitor
Plaid Identity Verification and Monitor provide a complete verification, anti-money laundering (AML), and know-your-customer (KYC) compliance solution to help you fight fraud while improving conversion rates. Onboard a verified customer with Identity Verification in less than 60 seconds on average, and manage AML compliance and ongoing rescans with Monitor. Identity Verification and Monitor are available in early access. Contact us to get started.
Enable the data access your consumers expect with Core Exchange
Core Exchange provides data partners with a streamlined way to implement the Financial Data Exchange (FDX) API specification and enable API connectivity to 9 of the top 10 most downloaded fintech apps in the Android + App Store (from the past 30 days as of May 9, 2022). Get started with Core Exchange today!
Introducing Guarantee Beta: A new way to ensure ACH transfers settle without returns
With Guarantee, Plaid will guarantee settlement for ACH transactions and underwrite the risk. Get a real-time transaction response so you can give your customers faster access to funds without having to worry about returns or potential losses. Guarantee is powered by Signal and analyzes over 1,000 risk factors to determine the likelihood of transaction returns. We’re opening up a small closed beta—contact us if you’re interested.
Update Mode improvements
On May 23, we launched an improvement to Update Mode which may result in up to a 6.25% relative conversion lift for Update Mode traffic. The conversion impact of this update will vary by customer. For eligible broken items, Plaid will now only require the user to complete the piece of information that needs to be updated. Depending on the scenario, Plaid will pre-fill a user’s username or trigger phone OTP verification, which reduces the number of steps a returning user needs to take to re-authenticate. This is an automatic change that benefits customers using Update Mode. To get started on Update Mode, reference the API docs.
Explore category rules for Transactions
Your users have unique financial situations, which is why it’s important to provide them with personalized experiences. To support this, we’re introducing category rules which will enable you to change the category for a transaction based on your users’ needs. When category rules are set, the selected category will override the Plaid provided category. This new feature is available as part of our beta program. If you’re interested in using category rules, send a note to transactions-feedback@plaid.com.
Introducing Auth Type Select: Improving customer choice and experience
Auth Type Select gives customers the flexibility to choose the Auth method that best suits their needs. Now customers can choose manual microdeposits as an upfront option when they enter Link—previously only available as a fallback option. This new experience benefits customers who either can’t or don’t opt for credential-based Auth Types. Review our API docs and see if Auth Type Select is right for your customers.
Reminder: Upgrade to the latest Link SDKs
To provide an optimal experience for your customers, upgrade to our latest SDKs. Android 3.9.0, iOS 3.0.0, 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.
In other news…
Purpose Financial approves 99% of loan applicants who verify their income using Plaid
With Plaid, Purpose Financial saw significant improvements in speed, bank coverage, and consumer trust which enabled them to greenlight more loans. Learn more.
To read more Customer Stories, click here.