Introducing Transactions for Business: Powering real-time business tools
Blog post from Plaid
Transactions for Business is a new solution from Plaid that empowers small businesses with smarter money management by turning raw transaction data into actionable insights. The solution provides expanded coverage, account type indicators, and purpose-built categorization to support business financial tools in delivering real-time visibility and automation. With 95% of U.S. banks supporting business accounts from over 4,500 financial institutions, Plaid's new solution gives customers more flexibility and accuracy in managing their business finances. The Transactions API now includes a categorization model specifically designed for businesses, with 13 purpose-built categories to help better understand a customer's overall finances. Companies like Brex, Bluevine, and Wave are already using the existing Transactions product to deliver real-time spend tracking and automated bookkeeping to businesses, and this new solution will enable them to build more intelligent financial tools that scale with their customers.