Newsletter - November 2021

Last month we hosted Plaid Forum, our two-day virtual conference to share the latest platform and product updates, and insights. Check out our sessions and blog highlights from day 1 and day 2 to discover how to build, grow, and scale your apps and services with us. Read on to learn more about what we announced including our Transfer and Sync API betas, as well as our Plaid Income early access program for personal lenders.

Product highlights

Investments API: Custom instructions for account linking

We released additional instructions in Link to help end-users navigate app-specific account linking requirements for Interactive Broker, Betterment, and Wealthfront. In testing, the instructions helped reduce the link error rate for these three institutions by ~40%. 

Income: Early access program for personal lenders

Plaid Income enables personal lenders to verify a loan applicant’s income and employment in seconds rather than days—no matter how they get paid. Request early access to retrieve user-permissioned income and employment data directly from payroll providers or have users upload a pay stub or W2.

Introducing Transfer - Beta: A complete ACH solution for lenders

Transfer simplifies ACH by enabling secure customer authorization, transaction-risk analysis, and transaction insights—all in one. It’s powered by Plaid Auth and Signal, and comes with a conversion-optimized front-end to give you a best-in-class user experience. Transfer is available now to startup lenders as part of our beta program.

Introducing Sync API - Beta: A new way to stay on top of transaction updates

Staying on top of changes to an item’s transaction data just got easier. We’ve developed a new endpoint to provide you with transaction updates like what’s been added, removed, or modified. This means you won’t need to compare existing and new lists of transactions to keep your database up-to-date. If you’re interested in testing the Sync API endpoint, send a note to: transactions-feedback@plaid.com. 

Plaid Link: An updated Account Select pane

As a reminder, the updated Account Select pane is now available. It provides users with even more transparency and control over the accounts they share with you and Plaid. To learn more about migrating to this pane, see our guide. 

Plaid Link: An automatic update to the Consent pane

On November 15, the updated Plaid-branded consent pane will be automatically applied for any customers that have not yet adopted the updated consent pane. To preview this update or to opt-in early, see our API docs. 

Stay up-to-date with Plaid Link mobile SDKs

Regularly upgrading your SDKs ensures the smoothest integration experience. Upgrade to iOS 2.2.2, Android 3.6.1, and React Native 7.1.1. See latest releases.

Virtual events

Webinar: What’s next with Open Banking in Canada? 

November 30 at 11:00 AM ET 

Join us for an expert panel to discuss what’s next with Open Banking in Canada, the opportunities ahead, and how fintechs and financial institutions can work towards enabling better financial service experiences for consumers.

In other news…

The Fintech Effect: Fintech’s Mass Adoption Moment

In conjunction with The Harris Poll, Plaid launched our annual consumer survey, The Fintech Effect, to better understand how people use financial technology and its impact on their financial lives. In two years, we’ve seen fintech move from the corner of the financial system to its center. 

Plaid Launches Payment Partner Ecosystem

Plaid launched our payment partner ecosystem to make account-based payments simpler. With over 50 companies in North America and Europe, Plaid and our partners can help you offer smoother, more secure account-to-account payment experiences. Learn more about the ecosystem here. 

Leading Fintechs Join the Plaid Network

Consumers can now connect their accounts from fintechs like Robinhood, Chime, and Dave to other fintech apps and services through Plaid. Read the blog to learn more.

Plaid and PensionBee working together to make Open Finance a reality

PensionBee has enabled a smooth “click, confirm, and carry on” experience using Plaid’s Payment Initiation, turning a two week contribution process into an almost instantaneous one all within the PensionBee app. Read the blog to learn more.

Plaid helps Vola save users $18 million in overdraft fees

With Plaid, Vola can now swiftly onboard users and provide smart tools designed to empower the financially underserved.

Plaid helps Stash boost their deposits by 19%

Since switching to Plaid, 19% more Stash customers funded their accounts when compared to their previous provider. Read the customer story to learn more.