Plaid integration

Olivia Brownie
2 min readMar 20, 2023

Bank Connect: powered by Plaid, is a sophisticated bank verification application that automates business workflow by authenticating bank account transactions, historical balances, income, assets, etc., all inside Salesforce. Cloud Maven, Inc., a Salesforce Certified ISV Partner and the 2021 Salesforce Partner Innovation Award winner, has developed this solution.

Plaid integration

To provide education loans, lenders must collect and analyze a borrower’s bank details, which is a time-consuming process that can cause delays, inconvenience, and inaccuracies. Bank Connect: Powered by Plaid streamlines this process by automating the collection and analysis of banking data. It securely accesses a borrower’s bank account information and provides the lender with real-time insights into their financial position. This allows lenders to make faster, more accurate lending decisions, which benefits both the lender and the borrower. In short, Bank Connect reduces the time, effort, and potential for errors in evaluating a borrower’s bank details for education loans.

This Plaid bank verification tool enables lenders to better understand the borrower’s investments by accessing their investment accounts. With this application, lenders can quickly visualize the borrower’s finances by retrieving consolidated bank data summaries. This helps them make informed lending decisions by analyzing the transaction insights of any borrower from any Salesforce standard or custom object.

One of the key benefits of this application is that it helps reduce NSF fees and overdrafts. It does this by providing visibility of the borrower’s available balances before transferring. The app also enables account pre-funding, which provides insights into the borrower’s balances and supports payments on all accounts. This makes the account onboarding process fast and efficient.

This Plaid integration automates the entire bank verification process, eliminating manual errors and instances of delays, inaccuracies, and inconvenience. This means lenders can rely on accurate and up-to-date information to make informed lending decisions quickly and easily.

Overall, the Plaid bank verification application is a powerful tool that helps lenders make informed decisions about lending by providing detailed insights into the borrower’s financial situation. It is an essential tool for any lender looking to streamline their lending process and reduce the risk of loan defaults. 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.

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