Full-Time
Connects financial accounts to apps securely
$147.6k - $219.6k/yr
Senior
Company Historically Provides H1B Sponsorship
New York, NY, USA
Plaid simplifies financial data management for individuals and businesses by connecting various financial accounts to apps and services. Its main product is a set of APIs that allow developers to integrate financial data into their applications, enabling users to track spending, initiate payments, and access financial services all in one place. Plaid serves a wide range of clients, including app developers and financial institutions, and is used by popular apps like LendingTree and Square. Unlike many competitors, Plaid focuses on providing a comprehensive and scalable platform for seamless data sharing, charging fees based on API usage or subscription models. The company's goal is to enhance financial service accessibility and reliability for users globally.
Company Size
1,001-5,000
Company Stage
Late Stage VC
Total Funding
$1.3B
Headquarters
San Francisco, California
Founded
2013
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Cross River Bank, a technology infrastructure provider for fintech firms and other institutions, announced on Monday the launch of its Request for Payment (RfP) program. This is designed to improve instant payment capabilities, streamline inbound money movement, and enhance funding agility across the Real-Time Payments network. Plaid, a fintech solutions firm with offices in New York and San Francisco with an ongoing business relationship with Cross River, will be the first to implement the feature, unlocking instant purchases through its bank payments platform, Plaid Transfer. Cross River, an early adopter of the RTP network, moves more than $1 billion monthly in real-time disbursements across RTP and FedNow platforms combined. The new RTP program addresses the need to accelerate inbound funding, which has depended on ACH and wire transfers and lagged behind outbound payments. Cross River will be one of the first financial institutions to support RfP on the RTP network, making for faster and more reliable pay-in options
The financial data network has added support for real-time pay-ins via Request for Payment (RfP) on the RTP® Network to Instant Payments on Plaid Transfer, it said in a Monday (June 9) press release emailed to PYMNTS. RfP enables businesses to request a payment from a customer in real time, according to the release. Powered in collaboration with Cross River, Plaid’s RfP offers instant confirmation and final settlement; seamless bank authorization via Plaid Link; built-in account verification, balance checks and bank eligibility; and a single integration to intelligently route payments across available rails, according to the release
Experian has announced a strategic integration with Plaid, marking a major milestone in its mission to make credit more inclusive and accessible through the power of Open Banking.
Today, Experian®, a global data and technology company, and Plaid, a leading financial data network, announced a strategic collaboration to lower barriers to accessing cashflow solutions and expanding financial inclusion. Now, banks, credit unions and consumer lenders can leverage Experian and Plaid’s combined expertise in real-time cashflow data and credit analytics to accelerate decisions, sharpen risk assessments and improve borrower outcomes.“We are highly focused on making real-time cashflow data and insights more accessible to drive greater financial inclusion and enable our clients to have a more holistic view of an individual’s financial health,” said Scott Brown, Group President Financial Services for Experian North America. “This is just the beginning of what we believe will be a very powerful relationship with Plaid. Together, we’re helping to accelerate the adoption of cashflow insights to drive faster decisions, stronger portfolios, and new financial opportunities for consumers. We’re achieving this while delivering an experience that is transparent and provides consumers with control every step of the way.”How it works: turning real-time cashflow data into actionable insightsAs part of the newly forged relationship, lenders can leverage Plaid’s secure connectivity capabilities used by 1 in 2 U.S. bank account holders, and Experian’s expertise in advanced credit analytics and decisioning from a single solution.“Real-time cashflow insights, alongside traditional credit data, are becoming essential for lenders to improve business outcomes and expand access to credit,” said Eric Sager, Chief Operating Officer at Plaid
The FICO score is arguably shorthand for creditworthiness — a triple-digit number that helps determine mortgages and all manner of debt that’s extended to applicants, and at what interest rate. The Fair Isaac Corporation’s FICO scores are the output of a broad range of data inputs, tied to payment history and debt loads carried by [] The post Rise of Alternative Data for Credit Scoring Pressures FICO appeared first on PYMNTS.com.