April 2022 Summaries

Plaid is partnering with three new Payment Service Providers (PSPs) - NoFrixion, UNIPaaS, and Primer - to enable the next generation of ecommerce in Europe by providing merchants and marketplaces with open banking solutions that simplify payments journeys, lower costs, and enhance customer experiences. These partnerships aim to democratize financial services and support Plaid's mission to provide secure and seamless activation of Open Banking and account-to-account payments on checkout platforms. With these integrations, PSPs can offer account-to-account payments as an alternative payment method, streamline merchant and vendor onboarding processes, and reduce transaction costs while improving customer journeys. The partnerships also address the growing need for merchants to manage online fraud and chargebacks, providing permissioned access to vendor and merchant financial data to verify and authenticate merchants and vendors during onboarding.

Verify income and employment in seconds with Plaid Income, a new solution providing comprehensive income verification product suite for the lending and proptech space. Seamlessly update existing items with Assets Upgrade Mode to access user-permissioned data without requiring re-connection of financial accounts. Relay Token allows service providers to share Assets information directly from Plaid, improving data sharing between lenders and partners. Plaid Dashboard now supports Assets-specific quality issues, and the Link Institution Select Shortcut helps improve conversion by providing a more personalized 'Institution Select' pane. All customers are required to use the updated account select pane, and users should upgrade to the latest Link SDKs for an optimal experience. Join us for Plaid Forum on May 19 for an immersive, one-day hybrid experience designed to inspire, empower, and equip developers to build the future of digital finance.

Plaid has launched a new credit system called Plaid Income that aims to simplify the income and employment verification process for lenders. This system enables consumers to securely share their bank data, payroll information, pay stubs, or W2 forms with lenders, reducing manual errors and increasing transparency. With Plaid Income, lenders can improve their decision-making and underwriting processes by accessing accurate and reliable income data from multiple sources. The platform also provides a flexible solution that can adapt to different lender needs and use cases, allowing for better consumer conversion rates and improved lending experiences. By leveraging machine learning models and risk signaling technology, Plaid Income helps reduce data inaccuracies and detects potential fraud, ultimately making it easier for consumers to access credit and lenders to provide more inclusive financial services.

Plaid Income has helped Purpose Financial streamline its loan application process, increasing the approval rate for verified income from 78% to 99.8%. The company turned to Plaid after its current tool was sunset and it had just 90 days to find a new solution. With over 12,000 financial institutions connected, Plaid provides significant improvements in speed and enhances consumer trust, which is crucial for Purpose's large customer base of thousands of new loan applications per month. The partnership has proven to be highly beneficial, with Plaid Income enabling Purpose Financial to greenlight more loans and providing a secure connection between the company and its customers' bank accounts.

Plaid, a leading financial technology company, is expanding its European operations with the appointment of Ripsy Bandourian as Head of Europe. The move comes as fintech continues to thrive in Europe, driven by increased adoption of digital wallets and online commerce. With his experience in ecommerce, platforms, and emerging markets at Booking.com and Apple, respectively, Bandourian aims to develop Plaid's solutions further and help companies across the region tap into open banking opportunities. The company has already established a strong presence in Europe, with a team in London and Amsterdam that has launched various initiatives, including a full-stack open banking solution and a payments partner network. As Head of Europe, Bandourian will focus on meeting the needs of digital financial ecosystem players and unlocking Plaid's potential to deliver better financial services globally.

The Plaid Forum 2022 is an annual conference that brings together developers, innovators, and business leaders to build and accelerate their businesses in the digital finance industry. The event features fireside chats with industry experts, behind-the-scenes looks at how companies are using Plaid's solutions, interactive workshops and live demos, and access to new products and platform updates. Registration for the conference is now open and free for everyone, offering 20+ hours of content led by leaders in digital finance. The event aims to inspire, empower, and equip attendees to build better solutions for today's consumers.