December 2020 Summaries

QR codes are experiencing a resurgence in popularity due to their convenience and widespread use on smartphones. In the UK, 80% of consumers have scanned a QR code at least once, with 40% doing so within the last week. This trend is expected to continue as more people adopt contactless payment methods amidst COVID-19 restrictions. QR codes are now being utilized by companies like Plaid to streamline financial transactions and improve user experience. By enabling users to authenticate payments through their mobile devices, QR code authentication eliminates cumbersome verification processes on desktop platforms. This technology is already being implemented by businesses such as Receipt Bank, which uses it for smoother web payment management.

The Plaid Apprenticeship Program aims to build an inclusive community by recruiting talented candidates from non-traditional software engineering backgrounds. The program was created to address the lack of diversity in the tech industry, as many traditional recruitment processes focus on candidates with computer science degrees or prior work experience in software development. By engaging with local coding bootcamps and attending demo days, Plaid identified skilled individuals who were eager to learn new skills and bring diverse perspectives to problem-solving. The interview process was designed to assess key aspects such as translatable non-technical experiences, drive, and initiative to independently learn new skill sets. The program provides comprehensive onboarding, mentorship, and feedback loops to ensure apprentices' success in their roles and career growth. With the first cohort of apprentices joined, Plaid has seen increasing comfort levels and a stronger understanding of technical concepts among the participants, setting the stage for continued expansion and sharing of updates and insights.

Plaid, a fintech platform, has recently embarked on a listening tour with its developer community to understand their challenges and pain points. The company plans to make it easier for developers to build fintech products by providing more code samples in documentation, improving the Quickstart and Postman collection, enhancing the testing environment, and streamlining troubleshooting experience. Plaid aims to help innovators create digital apps and services that improve people's financial lives. The company encourages feedback from developers and plans to share more about its upcoming initiatives on Twitter.

Curve, a UK-based financial technology company, has partnered with Plaid to provide customers with a holistic view of their money and improve overall financial wellbeing. Curve consolidates users' physical wallets into one smart card and app, allowing for spending notifications, categorization, and cashback rewards. With the integration of Plaid's technology, Curve customers can now connect their payment accounts at nearly all UK financial institutions and view real-time account balances for every linked credit and debit card. This collaboration aims to simplify digital finance management and enhance customer experience in managing their finances.

Darius Simmons is a Software Engineer at Plaid, working on the Financial Identity team (FIT). He helps create products that make it easier for users to understand and utilize their financial accounts. Plaid's mission is to unlock financial freedom for everyone by empowering innovators to materially improve people's lives. Darius loves working at Plaid because he can positively impact people's financial lives, something he feels strongly about. He describes Plaid as "hungry" in its determination to make a difference in the world. One of Plaid's principles that resonates with him is "Make it better," which encourages employees to improve or fix things. Darius grew up in Frisco, Texas and pursued software engineering after discovering his passion for computer science in college. He joined Plaid because he was excited about the company's mission and products, and found the interview process smooth and practical. As a founding member of Plaid's Community Resource Group, Plaids of Color (PLoC), Darius has worked to support people of color within the company during difficult times. He shares his experiences as a Black person in tech, emphasizing the importance of finding community and mentorship. His single greatest passion is working to improve the lives of Black people in America through mentorship and involvement in local politics. The best piece of advice he has received is that "you are the expert of your own life," which helps him lead with compassion and empathy.

The UK's Open Banking Implementation Entity (OBIE) has released consultations on Variable Recurring Payments (VRPs) and Sweeping, which aim to unlock financial freedom for consumers by enabling more innovative ways to manage their financial lives. VRPs will allow consumers to define specific restrictions and initiate payments on behalf of the consumer, saving time and effort in managing varying expenses. Sweeping products are also expected to become a reality, allowing consumers to automate how accounts interact with each other and making it easier to manage complex financial lives. The consultations close on December 4, 2020, with the standard expected to be implemented in Q2 2021.

Our latest product enhancements include the all-new Plaid Link, which is now rolling out to users of the iOS SDK and React Native SDK on iOS. We've also released updates to our iOS SDK, Android SDK, and React Native SDK to support new features and bug fixes. Additionally, we're investing in virtual events such as the American Banker: Digital Banking Conference, where Plaid's Head of Financial Access will be discussing the future of fintech with industry experts. Our strategy for facilitating an API-based ecosystem is also underway, with plans to dedicate 75% of our traffic to APIs by the end of 2021. Furthermore, we've announced a new partnership with Jack Henry to enable Plaid Exchange for financial institutions on their Banno Digital Platform, and are working to improve peoples' ability to share their payroll data through our white paper on this topic. Finally, we're engaged in regulatory discussions through our Advanced Notice of Proposed Rulemaking (ANPR) on Dodd-Frank Section 1033.