This week, the Consumer Financial Protection Bureau released the final 1033 rule which ensures strong data rights for consumers in financial services. Plaid was founded on the belief that consumers should have a right to access and share their financial data to get the financial products that work for them. Here’s how we’re already helping customers and data partners navigate this regulatory shift: 💡 We introduced solutions for our customers to help with authorization management, record retention, and risk management that will align to the final rule. 💡 We launched an FDX-aligned Open Finance solution suite that enables financial institutions to more easily migrate to API connectivity, support risk management, and ensure insight into consumer connections across the Plaid Network. 💡 We’ve put consumers in control of their data with solutions like Plaid Portal, which helps consumers view and control connections they’ve made through Plaid. More updates to come as we continue to analyze the final rule, connect with customers, and tailor our products to build a more open financial ecosystem.
Plaid
Software Development
San Francisco , California 187,645 followers
Our mission is to unlock financial freedom for everyone. Join us!
About us
Plaid is a data network that powers the tools millions of people rely on to live a healthier financial life. Plaid works with thousands of companies like Venmo, SoFi, and Betterment, several of the Fortune 500, and many of the largest banks to make it easy for people to connect their financial accounts to the apps and services they want to use. Plaid’s network covers more than 12,000 financial institutions across the US, Canada, UK and Europe. Headquartered in San Francisco, the company was founded in 2013 by Zach Perret and William Hockey.
- Website
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https://plaid.com
External link for Plaid
- Industry
- Software Development
- Company size
- 501-1,000 employees
- Headquarters
- San Francisco , California
- Type
- Privately Held
- Founded
- 2013
Locations
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Primary
Plaid
San Francisco , California 94105, US
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35-41 Folgate Street
London, England E1 6BX, GB
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136 S Main St
Salt Lake City, Utah 84101, US
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295 Lafayette St
New York, 10012, US
Employees at Plaid
Updates
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What a gift to welcome Endaoment to the Plaid network 🎁 - just in time for the holiday season! A web-based philanthropic service, Endaoment helps users manage charitable giving using emerging technology, making charitable giving more accessible. With this new integration, users can now see their Donor Advised Funds alongside their other financial accounts (checking, investments, portfolios), helping users have a fuller picture of their financial lives, and make strategic decisions about where to give. From Endaoment Founder and CEO, Robbie Heeger, “Through our integration with Plaid, Endaoment DAFs can now appear right alongside your checking accounts, investment portfolios, and retirement funds in thousands of products. By making DAFs visible in the same tools professionals and individuals use to track their complete financial picture, we’re helping donors and advisors make more informed, strategic decisions about what and where to give.” 👉 Learn more about how organizations are using Plaid to build a more networked financial life: https://lnkd.in/erD2FHUw
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Now that the new 1033 rule is published, it’s more important than ever to start paying attention. In our final edition of “The Age of Open Finance”, we learn from experts in the field who have first hand experience in working on the digital transformation that is at the heart of open banking. Join Kieran Hines, Principal Analyst at Celent, and John Pitts, Head of Policy at Plaid for a new conversation on what banks should know about opportunities for growth in open finance. View the full episode ▶️ https://lnkd.in/emHYrFCU
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Fintech Predictions is back! Now’s your chance to become your team’s oracle of finance 🔮 Tune in live as top experts, Zach Perret, Rex Salisbury, and more debate the future of fintech. Jan 13 at 1 PM PT / 4 PM ET. Save your spot 👉 https://pla.id/4ghuLvl
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📊 New Data 📊 is here on how bank executives are incorporating open banking into their business strategies and preparing for new compliance requirements A few key takeaways from the research: 🏆 61% of respondents rate open banking as a high company priority 💼 50% of C-suite executives feel prepared for 1033 compliance 🏦 55% of regional and smaller banks consider open banking vital for staying competitive More data on where organizations stand: https://lnkd.in/gXZYM9mT
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A mission we can get behind! Love this use of Plaid technology by Livble to help empower renters 🏠
🎉 Empowering Renters Through Embedded Finance 🎉 At Livble, we’re on a mission to make renting more accessible, manageable, and inclusive for everyone. By empowering tenants to split their rent into smaller, more manageable installments directly through their trusted resident portal, we’re transforming rent from a financial burden into a seamless, user-friendly process. Our partnership with Plaid has been instrumental in achieving this vision. By leveraging Plaid’s open banking data, we’ve redefined how we assess tenant eligibility, moving beyond outdated credit scores to focus on real-time cash flow insights. This approach allows us to align rent payments with tenants’ unique financial situations and build a more inclusive housing ecosystem. 💡Key Results: - A 25% reduction in false positives compared to relying solely on credit scores. - Approval rates that are 3x higher, while maintaining the same default rates as traditional credit-score-only models. - Tenants enjoy greater flexibility, improved approval odds, and the opportunity to build meaningful credit. In a space often underserved by fintech, Livble and Plaid are unlocking the power of data to deliver impactful solutions for renters, landlords, and property managers alike. We’re proud to be pioneering this journey and grateful for partners like Plaid who share our commitment to creating a financially inclusive future. To the full story here: https://lnkd.in/e9KW_RHK
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Cash flow data is reshaping the future of lending—and it has never been easier to integrate. The latest report from expert analysts at Datos Insights shows you how cash flow underwriting, powered by real-time transaction data, is helping lenders expand their borrower pool and lower risk. 🔗 https://lnkd.in/eaSKEn8j
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Capitalise is a finance marketplace for small and medium-sized businesses in the UK. By incorporating Plaid’s open banking technology into their Instant Offers framework, they are providing over 150,000 SMEs faster access to funding. With Plaid, Capitalise is able to provide customers: 🔑 Simpler application processes without the hassle of uploading documents 🔑 Faster approvals using real time access to financial data 🔑 Cost savings with improved, personalised rates and underwriting 🔗 https://lnkd.in/emhkBRWW
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Plaid on LinkedIn
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An early gift for the holiday season … for you AND your customers. Digital finance is here and open banking is at its core. Join experts Jack Ingram, Chief Information Officer at WECU; Don Cardinal, Managing Director at Financial Data Exchange; John Pitts, Head of Policy at Plaid and Whitney McDonald, Editor at Bank Automation News as moderator, as they share how institutions of all sizes can embrace innovation to offer their customers better experiences and stay ahead. 🔗 Learn key strategies you can start planning for now: https://lnkd.in/eVxsvREn