Placid Express: Fighting the friction, fees and fraud of digital remittance
When Placid Express introduced a digital version of its international money transfer service in 2014, it faced unprecedented challenges: top-notch fraud verification and a tension between speed and price.
Placid Express realized it needed to offer consumers a fast transfer option with built-in security features, minus the high fees traditionally associated with ACH. It found its solution in Plaid instant bank verification products.
With Plaid’s Auth and Identity products, Placid Express can now quickly and accurately confirm bank details and verify ownership of users’ accounts and knows when secondary security features like text message verification should be triggered. Additionally, Placid Express uses Balance to reduce non-sufficient funds fees by getting real-time balance checks before sending payment.
Since integrating with Plaid, Placid Express has increased its instant approval rates for ACH-funded transfers to more than 80 percent, virtually eliminated ACH chargebacks, and drastically reduced customer service queries. With Plaid technologies on its side, Placid Express will continue to expand its online transfer business and innovate service without compromising security or audience experience.