Now supporting Identity for 1,000+ institutions
Blog post from Plaid
In an update on their Identity product, Baker Shogry announces that coverage has expanded to over 1,000 financial institutions across the United States, including notable additions like IBERIABANK, Simmons Bank, and Community Bank. This expansion underscores the increasing importance of identity information in enhancing the financial technology ecosystem by enabling app developers to serve users better and combat fraud effectively. Despite some financial institutions' concerns about consumer access to identity information, the product facilitates more secure identity verification by allowing developers to match user-submitted data with verified details such as names, emails, and addresses. The announcement reflects the significant growth from the beginning of the year when support was limited to only 11 institutions, highlighting both the sensitivity and potential of this data. Current users of Identity automatically gain access to the expanded list of institutions, which is continuously updated in the API documentation.
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