Plaid introduces “all-new” Plaid Link
Plaid, the company building a universal banking API that lets you connect an app or service with a bank account, has updated Plaid Link.
The all-new Plaid Link makes the onboarding experience simpler and faster while helping to ensure stable access to user-permissioned data for the millions of people who now rely on fintech to manage their financial lives.
Here’s how it works: When someone who has previously connected their financial accounts with Plaid signs up for a new app, their financial institution is already displayed, thereby skipping the institution select pane. Next, they are given either a pre-filled flow or are asked to verify their identity with a one-time passcode. In total, this may reduce the number of steps required to connect their financial accounts.