Plaid banking app
Plaid’s integration with Salesforce enables instant access to borrowers’ financial information, ensuring financial advisors have precise and up-to-date data. This results in better client experiences because advisors can provide the most up-to-date insights and information. Manual data entry into Salesforce can result in errors, making data management and analysis more difficult for financial institutions. However, Bank Connect: powered by Plaid, provides effective authentication of bank information within Salesforce.
Bank Connect, powered by Plaid, is an advanced bank verification application that allows lenders to verify a potential borrower’s banking information online, including transactions, balances, income, investments, and so on, in real-time. Traditional methods for this process have resulted in inconvenience, delay, inaccuracy, and fraud for both the lender and the borrower. However, this Plaid integration provides financial institutions with a comprehensive view of borrowers’ financial data and transactions, allowing them to understand their investments better.
The integration provides a wealth of information on borrowers, such as investment portfolios, risk tolerance, investment performance, and holdings. This information is valuable to financial institutions because it helps them understand borrowers’ investment behaviour and provides insights into their financial situation and ability to repay loans. Plaid also verifies the accuracy of borrowers’ financial data, ensuring that financial institutions have up-to-date and accurate information to assess creditworthiness.
Bank Connect enables financial institutions to make informed lending decisions, resulting in better outcomes for the financial institution and the borrower. It enables financial institutions to validate NPI and authenticate multiple banks with a single request. Bank Connect also works with the Plaid Payment Initiation Product to enable users to make real-time payments within UK and European institutions. It can also be used in conjunction with Ocrolus and Dwolla.
Financial institutions can access real-time data from over 45,000 financial institutions in eight countries, allowing them to investigate the borrower’s current and historical transactions, income, and employment. Bank Connect protects data and prevents fraudulent loans by allowing account pre-funding and sending and receiving ACH payments via Plaid. Integrating Bank Connect into their operations enables financial institutions to optimize their banking and lending processes while providing seamless customer experiences.
Those interested can sign up for a free 30-day trial of this income verification solution on Salesforce AppExchange. For more information, contact info@cloudmaveninc.com. Follow Cloud Maven, Inc. on LinkedIn, Twitter, and YouTube to learn more about their solutions.
