September 2024 Summaries

The summer of 2024 saw exceptional New Business and Engineering interns, or "Plinterns," at Plaid's San Francisco and New York City offices. These interns shared their experiences and learnings from the summer, working on various projects that contributed to Plaid's growth and development. They gained valuable skills in communication, product knowledge, and industry-specific expertise while building strong connections with their fellow interns and team members. The Plintern program at Plaid aims to provide a memorable experience offering professional growth and opportunities for lasting connections as part of the company's Championship Team.

The adoption of pay by bank in recurring billing is on the rise, with US consumers paying $9.42T of their bills via ACH bank transfers in 2023, a 6.9% increase from 2022. This method saves companies upwards of 40% on payment processing fees compared to cards for many use cases. However, the adoption rates could be significantly higher if more companies offered their customers the better user experience that Plaid provides. Companies should consider pay by bank as the primary option when setting up customer bill payments due to reduced costs, less churn, and established consumer behavior. Challenges such as user experience, fraud, returns, and limited retries can be overcome with solutions like Plaid Link for easy account connection and Plaid Signal for real-time risk scoring. Overall, pay by bank offers significant savings opportunities for organizations while providing a convenient and secure user experience.

Plaid, a leader in open finance initiatives, is working with financial institutions to simplify the transition to open banking by providing secure, scalable API solutions that enable seamless data sharing. The company's Open Finance Solution helps banks meet regulatory requirements and modernize infrastructure for data connectivity. Plaid has partnered with major institutions like American Express, Citi, and Navy Federal Credit Union, among others, to shift from screen scraping to more secure and reliable API connections. As the industry moves towards open finance, Plaid is committed to advocating for a fair financial ecosystem where consumers can share and control their financial data freely and securely.

Plaid introduces the Credit Dashboard, a no-code solution designed to accelerate speed to market for lenders looking to integrate real-time cash flow data and insights into their underwriting workflows. The dashboard offers features such as comprehensive and categorized cash flow information, income insights, and update report. It enables risk professionals to confidently review and manage underwriting decisions without the need to write a single line of code. This solution is suitable for both small lenders and large institutions, allowing them to go from start to finish without any coding required.