April 2018 Summaries

Live Oak Bank, a digital bank catering to small businesses and personal banking customers, partnered with Plaid to address security and speed concerns. The bank's high standards for security and customer verification processes were not met by conventional methods, leading to delays in account activation and an increase in fraud attempts. With Plaid's Auth and Identity products, Live Oak Bank was able to implement instantaneous account verification, reducing waiting times and increasing customer satisfaction. This integration allowed the bank to deliver top-of-the-line service and support, while also enabling them to process loans more efficiently. By leveraging Plaid's cutting-edge technology, Live Oak Bank can continue to meet the expectations of its customers and maintain a competitive edge in the market.

The company has joined the Center for Financial Services Innovation's (CFSI) Financial Health Network, which aims to promote financial health for all Americans through innovative financial services. The company is committed to building an inclusive financial ecosystem and has been working with community banks, credit unions, companies, and nonprofits focused on improving financial health. They have also supported initiatives like EARN's SaverLife program and LendUp's efforts to improve access to credit. By joining the CFSI Financial Health Network, they will collaborate with over 130 member companies to support and accelerate innovation for consumers' benefit.

Plaid Assets and Day 1 Certainty have been approved for use in digital mortgages, offering a win-win solution for both lenders and borrowers. This initiative leverages source data to provide better decision-making for lenders with Fannie Mae as the investor. Loans underwritten through Desktop Underwriter® (DU®) and validated through the DU validation service can benefit from relief against repurchase for key loan components, reducing application-to-close time by 17 percent on average. Plaid's Assets product allows borrowers to share data directly with lenders, streamlining the mortgage process. The partnership between Plaid and Fannie Mae aims to continue developing solutions that better serve borrower needs across the loan cycle.

Changelog - March 2018` We made major improvements to the Link Web experience on mobile browsers, allowing it to open in the same mobile browser window from which it was initialized for a more seamless experience within client applications. We also released improved third-party password manager support and customizable exit buttons for the Link iOS app. Additionally, we added authentication support for over 100 institutions and improved our largest integrations, including TD Bank's account connection experience. Our data science team successfully categorized all transactions, while rolling out features for our new Assets product, including webhooks for Asset Report generation and full support for Audit Copy token generation.