Plaid connect to bank: Bank Connect
Banks and other lenders face several challenges when verifying borrowers’ banking information. The main issues include fraudulent or inaccurate data, duplicate accounts, and incorrect addresses.
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. Lenders looks for more efficient and cost-effective methods of authenticating bank accounts as the threat of fraudulent activity grow. Bank Connect- Powered by Plaid enables lenders to quickly and securely authenticate users’ bank accounts. It helps lenders prevent fraud, and shorten transaction times. This Plaid verification application enables lenders to understand the borrower’s investments comprehensively by gaining access to their investment accounts and visualizing their finances by quickly retrieving consolidated bank data summaries for informed 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 validate NPI and 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 examine both current and historical transactions. It protects data while preventing fraudulent loans. It allows for account pre-funding and sending and receiving ACH payments through Plaid payment. The app auto-populates NPI on the verification screen and provides verification checks based on the place of service. For a free 30-day trial, this income verification solution is available on Salesforce AppExchange. Email info@cloudmaveninc.com if you have any queries, and you can learn more about different solutions by following Cloud Maven, Inc. on LinkedIn, Twitter, and YouTube.
