May 16, 2022
Newsletter - May 2022
Jenny Chiu
In this month's newsletter, learn about our latest product highlights, including the launch of two new endpoints and improved latency for both the Transactions and Assets APIs—as well as a reminder about Plaid Forum, our upcoming immersive event!
Product highlights
Access new insights about a user’s recurring transactions
Data-driven insights like recurring expenses can power new tools and experiences that increase your users’ lifetime value. To help access more insights, we’ve launched Recurring Transactions—a new endpoint that summarizes the recurring inflow and outflow streams in a user’s account. Additionally, we provide key information about each recurring stream including the category, merchant, last amount, and more. Use these insights to help your users better manage cash flow, reduce spending, and stay on track with bill payments. To learn how Recurring Transactions can support your personal financial management app, check out our API docs.
Stay up-to-date with transaction data with the Sync endpoint
Data reconciliation is a challenging process as transactions can change in different and unexpected ways, like with the addition of a tip at a restaurant. With our new Sync endpoint, we do the reconciliation and then send you updates about the transactions that have been added, modified, or removed from a user’s account. Review our API docs to learn how Sync can be used as part of your Plaid integration.
Improved latency for the Transactions API
When new users connect their accounts to your app, you may experience a roughly 25% reduction in wait time until their latest 30 days of transactions are available to you. For historical pulls of up to 2 years, we’ve reduced the wait time by 30%! Use the INITIAL_UPDATE and HISTORICAL_UPDATE webhooks to be alerted when transactions are available.
Improved latency for the Assets API
When new users connect their accounts to your app, you may experience up to a 20% reduction in wait time for reports with <365 days of history and a 30-50% reduction in wait time for reports with >365 days of history. Use the webhooks to be alerted when Asset Reports are available.
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 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.
Update: OAuth reporting
Beginning July 1, we’ll stop firing the SUBMIT_CREDENTIALS field when a user authenticates with an institution that requires OAuth. This change will streamline the OAuth reporting flow without impacting the user journey. To continue tracking, switch to using the OPEN_OAUTH event in reporting, moving forward. To learn more about this change check out our Link best practices.
Virtual events
Plaid Forum 2022
Join thousands of the world’s leading companies at Plaid Forum on May 19. Learn about the hottest trends in digital finance, attend specialized learning tracks, and get a front row seat to our most exciting product announcements. Register today.
In other news…
With Unit + Plaid, Wethos launches banking in just 6 weeks
Tech startup, Wethos, wanted to embed financial services into their platform but didn’t want to spend two years and $2 million to do it. Plaid helped them launch in six weeks.
To read more Customer Stories, click here.