About Plaid

Plaid is a technology platform which enables connection between applications and users’ bank accounts for account authentication, real-time balance checks, identity verification, income validation, asset verification, and more. Thousands of US and Canadian financial institutions are supported, as are business and consumer bank accounts.

Plaid’s Auth solution can be used to authenticate bank accounts for ACH payments without requiring microdeposits, allowing transactions to be authenticated instantly. Users are added with the credential-based flow, and account holder information can be retrieved to authorize transactions at any time once a user is added. The Balance solution can pull real-time current and available balance information as well as historic balance data, account type and status information. This solution can be used to prevent non-sufficient funds (NSF) and overdraft fees for customers by ensuring they have sufficient available balance before transactions are processed. Identity enables the verification of user identities against bank records to reduce fraud. Email and mailing addresses, phone numbers, and names can be checked, and forms can be auto-filled with account holder information.

The Transactions solution pulls transaction data for the past 24 months, with context including geolocation, category, and merchant information. Both pending and completed transactions can be accessed. Plaid’s Assets solution enables the verification of borrower assets from bank records, and generates reports in JSON and PDF formats. Income can be used to validate multiple income sources and verify employment information in real time, including the previous year’s pre- and post-tax income, projected pre- and post-tax income, and number of income streams.

Pricing starting from:

N/A

  • Free Version
  • Free Trial
  • Subscription

Key benefits of Plaid

  • Plaid’s Auth solution enables the authentication of accounts for ACH without the need for microdeposits, allowing the instant authentication of transfers.

  • The Balance solution can be used to pull both historical and real-time balance data before transfers are made, including current and available balance information, to prevent overdrafts and non-sufficient funds (NSF) fees.

  • Bank data, including names, addresses, and phone numbers, can be used to verify user identities with the Identity solution, with the aim of reducing fraud.

  • Historical transaction data for the past 24 months can be accessed using the Transactions solution, with contextual information including category, merchant, and geolocation data.

  • The Assets solution can be used to verify borrower assets using financial data from borrowers’ bank accounts, and generate reports in both JSON and PDF formats.

  • Devices

    Business size

    S M L

    Markets

    Canada, United States

    Supported Languages

    English

    Pricing starting from:

    N/A

    • Free Version
    • Free Trial
    • Subscription

    Images

    Plaid Software - Users can track usage over time
    Plaid Software - Account overviews provide information on account holder details
    Plaid Software - Account balance summaries and history are also included in account overview reports
    Plaid Software - Borrower asset information can be accessed
    Plaid Software - Income details can be pulled from customers' banks
    Plaid Software - Available and current balance data can be accessed
    Plaid Software - Users can view bank account numbers and types
    Plaid Software - Users can add their colleagues and manage access
    View 9 more
    Plaid Software - Users can track usage over time Plaid Software - Account overviews provide information on account holder details Plaid Software - Account balance summaries and history are also included in account overview reports Plaid Software - Borrower asset information can be accessed Plaid Software - Income details can be pulled from customers' banks Plaid Software - Available and current balance data can be accessed Plaid Software - Users can view bank account numbers and types Plaid Software - Users can add their colleagues and manage access

    Features

    Total features of Plaid: 49

    • ACH Payment Processing
    • API
    • Auto Loans
    • Automated Decisioning/Underwriting
    • Bonds / Stocks
    • Borrower Management
    • Brokerage Management
    • Budgeting/Forecasting
    • Business Loans
    • Cash Management
    • Channel Management
    • Contact Database
    • Core Banking
    • Credit Card Management
    • Credit Union
    • Currency Management
    • Data Verification
    • Financial Reporting
    • For Investors & Traders
    • Forms Management
    • Fraud Detection
    • Geolocation
    • Integrated Vendor Services
    • Investment Banking
    • Investments Tracking
    • Lending Management
    • Loan Management
    • Loan Origination
    • Loan Portfolio Management
    • Loan Processing
    • Loan Servicing
    • Mobile Access
    • Multi-Branch
    • Multiple Format Support
    • Online Banking
    • Outsource Processing
    • Performance Management
    • Pre-Qualification
    • Real Time Data
    • Real Time Monitoring
    • Real Time Reporting
    • Retail Banking
    • Risk Management
    • Rules-Based Workflow
    • Source Control
    • Student Loans
    • Transaction History
    • Transaction Monitoring
    • Web Forms

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    Reviews

    Overall rating

    4.4 /5
    (14)
    Value for Money
    4.9/5
    Features
    4.3/5
    Ease of Use
    4.3/5
    Customer Support
    4.3/5

    Already have Plaid?

    Software buyers need your help! Product reviews help the rest of us make great decisions.

    Write a Review!
    Showing 5 reviews of 14
    Erin C.
    Overall rating
    • Industry: Hospitality
    • Company size: Self Employed
    • Used Daily for 2+ years
    • Review Source

    Overall rating

    • Value for Money
    • Ease of Use
    • Customer Support
    • Likelihood to recommend 10.0 /10

    Instant banking access

    Reviewed on 24/02/2021

    Pros

    I so love the Plaid software it makes it so easy to login directly to your online banking account. It has several online banking services listed to enter any of your accounts. Makes it so you dont have to always enter your card number and information makes it feel a little more secure.

    Cons

    There is not absolutely one negative down fall to this software. I applaud the creator of this software.

    Diamond A.
    Overall rating
    • Industry: Accounting
    • Company size: 2-10 Employees
    • Used for 1-5 months
    • Review Source

    Overall rating

    • Value for Money
    • Ease of Use
    • Customer Support
    • Likelihood to recommend 10.0 /10

    Easiest thing to use!

    Reviewed on 18/05/2021

    Overall, I have had an excellent experience with Plaid. I had to contact customer service just 1x...

    Overall, I have had an excellent experience with Plaid. I had to contact customer service just 1x and I was able to get a human quickly. I recommend it!

    Pros

    This is basically a one touch system, you simply login with your credentials and the system does the rest...this makes explaining the process to customers the easiest thing ever!

    Cons

    I do not have any qualms with the software. This is the first time I have used a software to quickly and easily help customers connect their banking systems and I love Plaid!

    Dj R.
    Overall rating
    • Industry: Industrial Automation
    • Company size: 2-10 Employees
    • Used Daily for 6-12 months
    • Review Source

    Overall rating

    • Ease of Use
    • Likelihood to recommend 0.0 /10

    WaveApps.com reliance on Plaid a horrible decision!

    Reviewed on 15/09/2020

    WaveApps is slowly committing suicide by using Plaid as it is currently supported.

    WaveApps is slowly committing suicide by using Plaid as it is currently supported.

    Pros

    Nothing, really... That's the point of this review.

    Cons

    Account connections with mainstream institutions like AMEX regularly break. The connection must be deleted and recreated each time there is a problem. Kind of defeats the purpose of an automated link.

    Connections to smaller institutions or banks don't stand a chance with Plaid. Reported problems don't get rectified presumably based on the biggest "squeaky wheel" institution getting priority. Ever since WaveApps converted to Plaid, I must do a manual bank upload to Wave to update my accounts. Again, kind of defeats the purpose of an automated link, don't you think.

    David V.
    Overall rating
    • Industry: Financial Services
    • Company size: 11-50 Employees
    • Used Weekly for 1+ year
    • Review Source

    Overall rating

    • Value for Money
    • Ease of Use
    • Customer Support
    • Likelihood to recommend 8.0 /10

    Plaid is the only game in town for connecting to any financial service

    Reviewed on 05/06/2021

    We use Plaid to check bank balances and to accept ACH payments. It works great for both purposes. ...

    We use Plaid to check bank balances and to accept ACH payments. It works great for both purposes.

    Be aware that some financial platforms (banks) are hostile to Plaid (to the extent of suing Plaid) and have sporadic availability.

    Some platforms have an arrangement with Plaid that requires you to complete additional documentation steps, like sharing your security policies and business information. Presumably, you get more reliable integration in exchange.

    For our use case, the cost of Plaid is trivial, but to accept ACH payments, Plaid integrates with Stripe, which does charge a fee for the actual payment.

    Bottom line, no other service can offer what Plaid can, so if you want your customers to connect to their financial institution to your product, Plaid is your only option.

    Pros

    Plaid is relatively easy to setup and use. The API documentation is great and API credential setup is easy. The SDK supports all common platforms, and rich code samples are provided.

    Cons

    Getting approved for production access was a paid. The support team ignored requests. We had to create a second account, which was finally approved. Why this was needed is a mystery.

    Plaid will push an expensive monthly plan, but it's not needed for sporadic access.

    Stephanie L.
    Overall rating
    • Industry: Financial Services
    • Company size: Self Employed
    • Used Daily for 6-12 months
    • Review Source

    Overall rating

    • Value for Money
    • Ease of Use
    • Customer Support
    • Likelihood to recommend 10.0 /10

    Best app to use to connect your bank accounts

    Reviewed on 26/03/2021

    My overall experience was great I use it to pay my bills and when I’m playing games I can use plaid...

    My overall experience was great I use it to pay my bills and when I’m playing games I can use plaid to log in and make a purchase. It’s very convenient

    Pros

    I like that you can connect your PayPal account ti have a more secure way to pay for things over the internet. You can also connect your bank account ir other credit cards.

    Cons

    What I liked least about this software is that it doesn’t accept all debit cards as form of payment.

    Showing 5 reviews of 14 Read all reviews

    Plaid FAQs

    Below are some frequently asked questions for Plaid.

    Plaid offers the following pricing plans:

    • Starting from:
    • Pricing model: Free Version, Subscription
    • Free Trial: Not Available

    Plaid has the following typical customers:

    2-10, 11-50, 51-200, 201-500, 501-1,000, 1,001+

    Plaid supports the following languages:

    English

    Plaid supports the following devices:

    Android (Mobile), iPhone (Mobile), iPad (Mobile)

    We do not have any information about what integrations Plaid has

    Plaid offers the following support options:

    Email/Help Desk, FAQs/Forum, Knowledge Base, Chat

    Related categories

    See all software categories found for Plaid.