Plaid bank integration: Bank Connect

Bank Connect — Powered by Plaid is an advanced bank verification application that streamlines business workflow by authenticating bank account transactions, historical balances, income, assets, etc., inside Salesforce. Cloud Maven, Inc., a Salesforce Certified ISV Partner and the 2021 Salesforce Partner Innovation Award winner, has developed this solution. As the threat of fraudulent activity grows, lenders seek more efficient and cost-effective methods of authenticating bank accounts.

Plaid bank integration

Bank Connect- Powered by Plaid enables lenders to quickly and securely authenticate users’ bank accounts. It assists lenders in preventing fraud and shortening transaction times. By gaining access to the borrower’s investment accounts and quickly retrieving consolidated bank data summaries of their finances, this Plaid verification application enables lenders to visualize borrowers’ finances and make lending decisions. Lenders can use any Salesforce standard or custom object to obtain transaction insights from borrowers. It reduces NSF fees and overdrafts by displaying available balances before transferring funds. The app allows account pre-funding to gain visibility into borrowers’ balances, accepts payments on all accounts, and speeds up account onboarding. The entire bank verification process can be automated, eliminating manual errors, delays, and inaccuracies. Lenders can use Bank Connect to authenticate multiple banks with a single request. It works with the Plaid Payment Initiation Product to allow users to make real-time payments within UK and European institutions. The app is also compatible with Ocrolus and Dwolla.

Using Bank Connect, lenders can gain real-time access to 45k+ financial institutions in 8+ countries. They can investigate both current and historical transactions. It safeguards data while preventing fraudulent loans. It supports account pre-funding and sending and receiving ACH payments via Plaid payment. The app automatically populates the NPI on the verification screen and performs verification checks based on service location. For a free 30-day trial, this income verification solution is available on Salesforce AppExchange. Email if you have any queries, and you can learn more about different solutions by following Cloud Maven, Inc. on LinkedIn, Twitter, and YouTube.



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