Lenders using this solution
Lenders struggle to gain a holistic picture of loan applicants due to the amount of manual work and time it takes to collect accurate data from multiple sources. Applying for a loan is also an overwhelming process for most borrowers.
Plaid helps lenders make informed decisions through instant connectivity to source data, a seamless user experience, and automation that drives operational efficiency across the lending process.
Plaid across the lending process
Verify applicants’ identities at loan application without adding friction
Seamlessly verify identities
Identity Verification is the lowest friction identity verification experience, helping you fight fraud and handle KYC requirements.
Manage AML compliance
Monitor helps you stay compliant with ongoing AML screening with fewer false-positives and manual reviews.
Build a comprehensive, simple, and fast underwriting process
Access bank account information
Assets provides a fast and up-to-date view of a borrower’s bank accounts, allowing you to verify assets and account ownership in seconds.
Plaid is a certified Day 1 Certainty™ asset verification report supplier for Fannie Mae’s Desktop Underwriter® and Freddie Mac’s Loan Product Advisor® Asset and Income Modeler (AIM).
Verify income and employment
Income helps you verify anyone's income and employment with the most comprehensive, all-in-one product suite (Payroll, Bank, and Document Income).
Connect and verify accounts for loan disbursement and repayment
Instantly authenticate accounts
Auth instantly authenticates bank accounts for loan disbursement and repayment so you can set up ACH transfers from any bank and credit union in the US.
Check balances in real-time
Balance instantly checks whether borrowers have enough funds during loan repayment, protecting against overdraft and NSF fees.
Industry’s leading coverage for data partners and types
Connectivity to 12,000+ data partners, ~85% of the US workforce via payroll providers, and the broadest coverage for identity and income documents and geographies - helping you reach more loan applicants in more places.
Trusted user experience, optimized for loan application completion
Today, 1 in 4 US consumers with a bank account have already used Plaid to connect their financial accounts.
Our familiar onboarding flow and leading security and privacy tools give loan applicants the confidence they need to connect their financial data to your app or service and complete the loan application flow.
Seamless integration and implementation
Developer-first product development for easy implementation and configurability to fit your loan processes and decisioning needs.
The cash flow data that customers make accessible through Plaid allows us to better manage credit risk. With a more complete financial picture, we're able to evaluate individuals more accurately than traditional credit scoring alone and bring more people into the credit system.
Roy Simkhay, VP of Product Management, Petal