Data

Plaid can now authenticate accounts in every bank and credit union in the U.S.

  • Plaid's Auth product is used by tech firms to authenticate users' bank accounts.
  • The data firm now covers all banks and credit unions in the U.S.
Plaid can now authenticate accounts in every bank and credit union in the U.S.

Plaid has upgraded its Auth product which enables developers at firms like Acorns, Chime, and Coinbase to authenticate accounts from any of the 11,500 banks and credit unions in the U.S.

Account authentication is the cornerstone of data aggregation, essentially pairing a bank account and its data to its owner.

What’s happening: In less than a year, Plaid essentially tripled its coverage of financial institutions where it can authenticate accounts. That’s an important move because fintech and financial services apps and software that use Plaid need to be able to authenticate a user’s bank information no matter where she banks.

Boosting coverage: Plaid’s Auth will still authenticate accounts in seconds using credential-based login for the approximately 3,800 U.S. financial institutions it previously covered. Deposit accounts aren’t evenly distributed and this coverage meant that Plaid could authenticate around 90 percent of deposit accounts.

Other institutions can offer authentication using bank account information and the use of micro-deposits.

“Being able to route customers – regardless of how modern and “up to date” their bank is – through a single flow has materially improved our ability to focus on our core business with confidence,” said Isaac Sparling, founder and CTO of Rumbleship Financial, a Plaid customer.

“Integrating the flow was a breeze, and we’ve significantly decreased the time it takes to get a customer into the purchasing flow.”

Data, Podcasts

FDX’s Don Cardinal: ‘Standards lower the barrier to financial innovation’

  • FDX is the leading standards group around sharing financial data.
  • Managing director Don Cardinal explains what the industry is doing around securing and sharing information.
Zack Miller | August 14, 2019
Data, Podcasts

Equifax’s Bill Phelan: ‘With PayNet, we now cover 30M US businesses and about $4 trillion of capital’

  • PayNet is one of the largest sources of data on private businesses in the US.
  • Founder Bill Phelan talks about his merger with Equifax and where the combined entity is headed.
Michael Deleon | August 02, 2019
Data, Member Exclusive

Moving to the other side of consumer balance sheets, Plaid launches Liabilities to address debt management

  • Data firm Plaid now aggregates consumers' student loan data.
  • This enables fintechs to more easily deploy solutions that help users manage their debt.
Zack Miller | July 19, 2019
Data

What Plaid Direct means for the fintech ecosystem

  • Plaid released a new product last week.
  • Plaid Direct accelerates the Plaid integration process for fintechs and FIs.
Meir Leff | June 04, 2019
Data

With Noddle acquisition, Credit Karma gears up for UK expansion

  • Credit Karma's recently closed its acquisition of the UK's Noddle from Transunion.
  • Co-founder Nichole Mustard is moving to oversee the expansion. Here's why.
Zack Miller | May 03, 2019
More Articles