February 2023 Summaries

TAB Bank, a technology-driven online bank, partnered with Plaid to expand API connectivity and OAuth with Core Exchange, enabling secure and reliable data access for its customers. The integration has improved the experience for both customers and employees, reducing support calls and complaints, while also providing seamless linking of external accounts using existing credentials. By leveraging Plaid's Core Exchange solution, TAB Bank can provide real-time data connectivity to its customers, making it easier for them to make informed financial decisions. This partnership highlights the importance of API-based data connectivity in meeting the evolving needs of underserved communities and individuals nationwide.

Plaid has launched its Security Portal, a public-facing platform providing access to various security artifacts commonly requested during Cybersecurity Due Dilence efforts, to accelerate security diligence and build trust with customers and partners in the fintech ecosystem. The portal offers a centralized repository of information and documents, including SOC2 Type 2 reports, ISO27001 & ISO27701 certificates, penetration testing results, and more, to facilitate efficient and informed decision-making. By providing easy access to this information, Plaid aims to satisfy due diligence requirements at scale and with greater speed and accuracy than previously possible, reducing friction in the procurement process and fostering a safer ecosystem. The portal will be regularly updated with the latest security practices, audit reports, certifications, and other related documents, reflecting Plaid's ongoing investments in its security posture.

Plaid is introducing updates to its Assets solution for mortgage lenders, which makes it easier for borrowers to connect their bank accounts and share up to two years of transaction history, balance information, and bank account ownership. This single-consumer connection to multiple sources of data allows lenders to streamline their loan application process, saving them valuable time and money. The updates also automate the process further by making it easy for lenders to share this source information with secondary market investors, such as Freddie Mac, through a new partnership. With Plaid Assets, lenders can send reports to Freddie Mac's Loan Product Advisor asset and income modeler for verification of assets and income using direct deposits, and access information from multiple accounts across depository, credit, and investments securely sharing it to permissioned secondary market investors. The solution is expanding the partner ecosystem with Freddie Mac as an approved service provider, aiming to simplify the mortgage process for borrowers and lenders alike.

Plaid Signal has helped Yotta reduce fraud and create a seamless user experience for its customers by providing real-time transaction risk assessment, improving settlement times, and offering a 20% improvement in identifying transactions that will return. With Plaid Signal, Yotta can now offer fast transfer times to low-risk transactions while mitigating losses on higher-risk transactions, resulting in tens of thousands of dollars in monthly savings. The partnership has also improved customer satisfaction by reducing troubleshooting time and enabling the company to focus on growing its business.

Plaid has launched a global identity verification and KYC solution in Canada, called Plaid Identity Verification and Monitor, which helps digital finance apps and services comply with FINTRAC requirements, verify user identities from over 200 countries, and reduce fraud during onboarding. The solution is an all-in-one solution that can be customized to comply with multiple FINTRAC verification methods, integrates directly with a credit reporting agency, and uses a lightning-fast reliable data source verification. It also features an anti-fraud engine that identifies potential threats and prevents them from completing the verification process, while providing seamless end-to-end customer onboarding with Plaid's account linking experience. The solution requires little to no development work for existing Plaid customers and provides a no-code management experience, enabling easy integration into the onboarding stack.

Simplify international identity verification and grow your business by leveraging a comprehensive solution that handles varied formatting of personal identifiable information across countries, provides localized experiences without requiring considerable development resources, and incorporates an intelligent anti-fraud engine to prevent fraud on your platform. With Plaid Identity Verification, businesses can verify identities in as little as 30 seconds, achieve high pass rates, and maintain robust compliance with regulations while expanding globally.