More products for more banks
Today, we’re excited to announce that we’re expanding coverage for our account authentication product, Auth, to more than 60 institutions. On top of that, we’re also broadening support for our user identity validation product, Identity, to more than 35 institutions.
This release brings greater product coverage across the full range of institutions where consumers bank, so we now support accounts at megabanks like Bank of America and Chase as well as those at community banks, credit unions, popular credit cards, and more. We’re always working to add support for more institutions, and we’ll release them as they become available. Want to see the full list? See how here.
Historically, setting up an autopay, direct deposit, or ACH payment has mostly relied on the now-outdated microdeposit system, a time-consuming and error-prone process. Improvements here can not only deliver better user experiences, they can actually meaningfully cut down on fraud and reduce the time it takes to move money.
To date, Auth has enabled leading fintech startups to let their users connect bank accounts in more streamlined, frictionless ways. For example, Able Lending—a peer-to-peer small business lender—uses Auth to instantly verify prospective borrowers’ bank accounts, cutting days off the funding timeline in an industry where it’s critical to get customers funds as quickly as possible.
Likewise, applications using Identity, which returns key pieces of account information on file with a user’s bank, have been able to significantly reduce fraud and streamline the signup process. That’s what Privacy—which offers users enhanced privacy and security in online transactions by generating a brand new virtual debit card for every online merchant—relies on to give them confidence that users are who they say they are.
It’s been exciting to see the thousands of applications powered by Plaid, and we can’t wait to see what will be built on top of Auth and Info next. Check out the specs here, and let us know what you think.