Plaid salesforce integration
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. With the growing threat of fraudulent activity to financial institutions, lenders are looking for more efficient and cost-effective methods to authenticate bank accounts. Lenders can significantly reduce the risk of fraudulent transactions by developing an automated tool that quickly and accurately verifies the authenticity of a bank account.
Bank Connect enables lenders to quickly and securely authenticate users’ bank accounts. It aids lenders in preventing fraud, increasing system trust, and reducing transaction times. It is also scalable, allowing lenders to serve more customers in less time. This Plaid verification application allows 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 obtain transaction insights from borrowers using any Salesforce standard or custom object. It helps to reduce NSF fees and overdrafts by displaying available balances before transferring funds. The app allows for account pre-funding to gain insight into borrowers’ balances, accepts payments on all accounts, and speeds up account onboarding. The entire bank verification process can be automated, avoiding manual errors, delays, and inaccuracies. Lenders can verify NPI and authenticate multiple banks with a single request using Bank Connect. It works with the Plaid Payment Initiation Product to enable users to make real-time payments within UK and European institutions.
Using Bank Connect, lenders gain real-time access to 45k+ financial institutions in 8+ countries. It allows them to examine both current and historical transactions. As a result, it ensures data security while preventing fraudulent loans. It enables account pre-funding and the ability to send and receive ACH payments via Plaid payment. 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.
