Personal finance is entering a new era. AI is making it possible to build financial experiences that are more personalized, intuitive, and useful, helping people better understand and manage their money.
These experiences rely on quality financial data that give a clear picture of someone’s finances including where their money is, and where it’s going.
Today, we’re making updates across Plaid Transactions, Investments, and Liabilities to help developers build financial experiences that are even more complete, accurate, and useful to the people using them.
More account types for a fuller financial picture
We’re expanding support in Plaid Liabilities and Transactions for more account types to give customers a more complete view of someone’s finances, including:
Additional loan account subtypes, including auto, personal, consumer, commercial, and home equity loans.
Additional line-of-credit subtypes, including commercial lines of credit and home equity lines of credit (HELOCs).
These updates add support across hundreds of institutions including more than 20 major institutions, including Bank of America, Navy Federal Credit Union, Chase, USAA, and Capital One.
Detailed loan information is returned through the loan object in /liabilities/get, while line-of-credit information is returned through the new line_of_credit object. Transactions data for all new loan subtypes will be returned through /transactions/get and /transactions/sync.
Better data for more personalized experiences
Over the past year, we’ve improved how Plaid categorizes transactions. Now, we’re extending those improvements to merchant, counterparty, and securities enrichment.
Making transactions easier to recognize
We’ve leveraged Plaid’s Foundation Model to infer a clean merchant name from a noisy transaction description that makes it easier to match transactions with canonical merchant names in Plaid’s merchant database.
We’ve also built a semantic entity-linking system that matches merchants based on meaning rather than spelling alone. Variations like “Bigger Road Veterinary Clinic” vs “www.biggervet.com” for example, can resolve to the same merchant.
Together, these improvements have driven a 19.8% relative improvement in the rate at which a normalized counterparty merchant name is returned, resulting in cleaner information particularly across the long tail of transactions that traditional string matching can miss.
Giving investment holdings clearer identities
Good investment experiences depend on knowing exactly what a holding represents. Financial institutions don’t always provide every identifier needed to track a security, and corporate actions such as rebrands, delistings, and mergers & acquisitions can make that information harder to reconcile over time.
We’ve built lineage-aware mapping that can follow a security through corporate actions so it stays properly represented. We’ve also added identifiers including the Financial Instrument Global Identifier (FIGI), an open standard that can help customers reconcile holdings more consistently.
With these improvements, over 95% of holdings now have at least two identifiers.
That gives customers more complete information to help build portfolio views, track investments, assess performance, and manage allocation.
Building a more complete financial picture
Great personalized financial experiences depend on high quality underlying data.
Broader account coverage gives users a more complete view of their finances. Better enrichment makes that data easier to understand and act on. We’re continuing to invest across each of those areas so developers can build financial experiences around data that’s more complete, accurate, and useful.
To see how Plaid can help you build more personalized financial experiences, contact us.