About Plaid

Plaid is a cloud-based financial solution that helps users establish a connection between applications and bank accounts to access banking data. It allows to authenticate accounts, check balances, verify identity, validate income, verify assets and more. Designed to facilitate both lenders and borrowers, Plaid offers secure access to the bank information. It offers a host of features including transaction history, Automated Clearing House (ACH) authentication, real-time account balance, assets verification, employer verification and more. Additionally, it allows verifying email, mailing address, phone number and generating reports in JavaScript Object Notation (JSON) and Portable Document Format (PDF). Providing information on geolocation, merchant, and categories, Plaid directly integrates with any digital loan application to provide real-time updates. Pricing of the offering is based on the number of instances and per month basis. Support is extended via online help desk.
Plaid Software - Verify bank account income with Plaid's Income product
Plaid Software - Verify user identity with Plaid's IDV product
Plaid Software - Enable users to instantly connect their bank accounts via Plaid Link
Plaid Software - Get an in-depth snapshot of a user's finances with Plaid's Assets product
Plaid Software - Create accurate and custom transaction risk assessments with Plaid's Signal product
Plaid video
Plaid Software - Verify bank account income with Plaid's Income product - thumbnail
Plaid Software - Verify user identity with Plaid's IDV product - thumbnail
Plaid Software - Enable users to instantly connect their bank accounts via Plaid Link - thumbnail
Plaid Software - Get an in-depth snapshot of a user's finances with Plaid's Assets product - thumbnail
Plaid Software - Create accurate and custom transaction risk assessments with Plaid's Signal product - thumbnail

Plaid pricing

Plaid has a free version and does not offer a free trial. Plaid paid version starts at US$0.00/month.

Starting Price:
US$0.00/month
Free Version:
Yes
Free trial:
No

Alternatives to Plaid

Intelligrow

0
Intelligrow is a loan origination platform that streamlines banking processes for NBFCs and microfinance. The system...

Plaid Reviews

Feature rating

Value for Money
4.5
Functionality
4.3
Ease of Use
4.3
Customer Support
4.3
5 reviews of 40 View all reviews
Joseph
Joseph
  • Industry: Civil Engineering
  • Company size: 201–500 Employees
  • Used Weekly for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
5

5
Reviewed on 22/05/2023

Agrxis Review on Plaid

I have found Plaid to be an outstanding platform overall, and it has considerably improved my ability to manage my finances. It is tremendously straightforward to view and evaluate my financial data in real time because to the smooth interface with numerous financial institutions. My time and effort have been greatly reduced by how simple it was to link my bank accounts, credit cards, and other financial accounts. I've been able to obtain a deeper understanding of my spending habits and make wiser financial decisions because to Plaid's thorough transaction information and classification. Additionally, I have peace of mind knowing that Plaid has put in place strong security measures to protect my data. A great user experience is also aided by the user-friendly interface and intuitive design.

Pros

I have been amazed by Plaid's powerful and dependable financial data connection capabilities. As a result of the platform's smooth interaction with numerous financial institutions, I can quickly get and examine banking data. Real-time data access, which offers accurate and up-to-date insights into my financial activity, is one of the features I value most. I feel secure knowing that my financial information is secure because to Plaid's security safeguards. In addition, integrating Plaid into my own applications has been a breeze thanks to the developer-friendly APIs and documentation. The Plaid support staff has been accommodating and supportive, swiftly responding to any questions or concerns.

Cons

Although Plaid offers useful capabilities for integrating financial data, there have been a few elements that I haven't found to be as positive in my experience. The data I got from several financial organizations occasionally had inconsistencies, which was one of my problems. To make sure the information was accurate and consistent, more work was needed. The provision of support for a wider range of foreign banks and financial institutions is another area that may be enhanced. As a foreign user, I discovered that Plaid did not support all of the institutions I work with, which constrained the extent of data integration.

David
David
  • Industry: Financial Services
  • Company size: 11–50 Employees
  • Used Weekly for 1+ year
  • Review Source
Value for Money
4
Features
4
Ease of Use
4
Customer Support
3

4
Reviewed on 5/06/2021

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

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.

DJ
  • Industry: Industrial Automation
  • Company size: 2–10 Employees
  • Used Daily for 6-12 months
  • Review Source
Value for Money
0
Features
1
Ease of Use
1
Customer Support
0

1
Reviewed on 15/09/2020

WaveApps.com reliance on Plaid a horrible decision!

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.

Erin
  • Industry: Hospitality
  • Company size: Self Employed
  • Used Daily for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
5

5
Reviewed on 24/02/2021

Instant banking access

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.

Steve
  • Industry: Accounting
  • Company size: 2–10 Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
5

5
Reviewed on 2/10/2023

Great for importing customer data

Pros

Plaid was easy to implement and import data from multiple sources in one format.

Cons

Some of the connections have issues and some institutions are not supported.

Related categories