Plaid bank integration: Bank Connect
Bank Connect, powered by Plaid, is a sophisticated bank verification application that streamlines business processes by authenticating bank account transactions, balances, income, assets, etc within Salesforce. This solution was developed by Cloud Maven, Inc., a Salesforce Certified ISV Partner and winner of the 2021 Salesforce Partner Innovation Award. The lending process for car loans can be time-consuming and involve various other activities. In banking activities, such as observing a potential borrower’s banking details and conducting a thorough check, a manual process frequently results in inaccuracies, delays, and inconveniences. There are also several scenarios in which lenders require reports from multiple banks. Following manual steps, on the other hand, is more difficult. Bank Connect enables customers to authenticate multiple banks with a single request easily. The solution provided by Cloud Maven, Inc. eliminates banking delays, inaccuracies, and inconvenience. With the help of automation, the entire bank verification process becomes faster and error-free. Before making appropriate lending decisions, lenders examine the borrower’s banking data, such as investments and finances. Lenders gain access to the borrower’s investment accounts, including account balances and holdings, to better understand the borrower’s investments. To visualize borrowers’ finances, lenders can easily retrieve consolidated bank data summaries, including account holder identity information, transaction history, and account balances. It lets the onboarding process faster and accepts international bank accounts. Through a single request, it authenticates multiple banks and makes real-time payments within the UK and European institutions. This solution reduces NSF fees and overdrafts by allowing lenders to see the borrower’s available funds before transferring. This income verification app is available on Salesforce AppExchange for a free 30-day trial. If you have any queries, please get in touch with info@cloudmaveninc.com. Connect with Cloud Maven, Inc. on LinkedIn, Twitter, and YouTube to learn more.
