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Plaid Reviews & Product Details

Plaid Overview

What is Plaid?

Plaid is a platform with a suite of products that enables developers to build financial applications which can interact with bank accounts, execute payments, and manage risk. It allows a user to easily authenticate and link their bank account to any application and utilize bank-like functionality out of that app. With Plaid, you will be able to develop applications that sync with users’ bank accounts to track and manage their budgets, and transfer funds. Essentially, it serves as the link between banks and financial technologies. Several noted brands like Gusto, Venmo, TransferWise, Charity Water, Robinhood, and Level Money currently use Plaid’s products and solutions. In the case of popular integrated online HR service Gusto, it uses Plaid’s automated clearing house (ACH) functionality to power its payroll direct deposit service. Other fintechs such as budgeting app Level Money utilize the platform to consolidate and clean data from user’s various bank accounts to help them manage and budget their money. In a broad sense, Plaid spans critical segments of financial services including setting up payments and validating financial data. It can help you arrange and execute ACH payments, collect transaction data, validate user’s identity, examine employment and income data, assess the riskiness of users, and embed bank integrations directly inside borrower flows. Developing your own application has never been made easier – with just a few lines of code, you can fit Plaid into whatever you’re building. Overview of the Plaid benefits: Better ACH authentication Authenticating accounts for bank-to-bank payments is made simpler, faster, and more user-friendly. You’ll be able to instantly authenticate transfers without waiting for micro-deposits as well as reduce failed transactions by authenticating and steering users toward ACH. This results in a seamless user experience since you can set up users based on information they already know, effectively eliminating checkbook hunting. It likewise boosts conversions by letting you deploy a mobile-optimized flow that converts much better. Check balances in real-time Working with financial data is simplified with Plaid. In just a few steps you can pull historical data and real-time balance, and get current and available balance info and details about account status and type. You can check in an instant your users’ balances whenever you need to make a transfer. It helps prevent overdrafts and enables pre-funding of transactions with insight into balances. Furthermore, by gaining visibility into available funds before you transfer, you prevent non-sufficient fund (NSF) fees, thereby, reducing if not outright eliminating fraud cost. Curtail bank fraud Plaid enables you to use bank data to verify identities and reduce bank fraud. You can substantiate user identities such as name, phone number, address, and email, and check the information against what’s on file at the bank. You’ll be able to know your users through simple identity check which is further facilitated by auto-fill forms based on account holder info on file with the bank. Clean & categorized transactions Money management is streamlined when you get clean, categorized transaction data that goes back as far as 24 months. You’ll have better details about transactions when placed in context with geolocation, merchant, and category information. With reliable, real-time data that stretches as far back as possible, you gain valuable insights to serve your customers better and reduce cost with low-latency connections that don’t require additional technical resources. Verify borrower assets straight from the source Borrowers can link their bank accounts in seconds to maximize conversions. You get fast processing speeds with a integrated technology that seamlessly connects Plaid into your own experience to reduce friction for borrower. Also expediting connections is the commitment to security such as the use of enterprise-grade 256-bit AES encryption that comes with regular network penetration tests and security reviews.

Plaid Details
Product Website
Discussions
Plaid Community
Languages Supported
English
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Product Description

Plaid enables applications to connect with users' bank accounts.

How do you position yourself against your competitors?

Plaid is focused on democratizing financial services through technology. We build beautiful consumer experiences, developer-friendly infrastructure, and intelligent tools that give everyone the ability to create amazing products that solve big problems.


Seller Details
Company Website
Year Founded
2013
HQ Location
San Francisco , US
Twitter
@Plaid
31,884 Twitter followers
LinkedIn® Page
www.linkedin.com
1,275 employees on LinkedIn®
Description

Plaid, Inc. is a financial technology company that enables applications to connect with users' bank accounts and financial institutions. Through its secure API, Plaid facilitates access to financial data, allowing developers to build innovative fintech solutions, streamline transactions, and enhance user experiences in personal finance management. The company aims to simplify financial connectivity and empower consumers with better tools to manage their finances. For more information, visit their website at https://plaid.com.


Allie M.
AM
Overview Provided by:

Recent Plaid Reviews

Verified User
A
Verified UserSmall-Business (50 or fewer emp.)
4.5 out of 5
"On Balance Darn Good"
The client libraries are solid. Documentation is good overall. The developer logging available in the Plaid console is comprehensive at a level t...
Verified User
A
Verified UserSmall-Business (50 or fewer emp.)
4.5 out of 5
"Easy integration"
I've been running Plaid for many years for both business and non-profits without many issues. Link is extremely easy to integrate and start using. ...
Verified User
E
Verified UserMid-Market (51-1000 emp.)
4.0 out of 5
"Long time Plaid user"
Excellent API documentation. Easy to use inside iOS, Android or webapp. Easy to implement API as a financial institution. Used by our customers o...
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1 person requested security information

Plaid Media

Plaid Demo - Plaid Link Flow
Enable users to instantly connect their bank accounts via Plaid Link
Plaid Demo - IDV Link Flow
Verify user identity with Plaid's IDV product
Plaid Demo - Signal Dashboard
Create accurate and custom transaction risk assessments with Plaid's Signal product
Plaid Demo - Bank Income Link Flow
Verify bank account income with Plaid's Income product
Plaid Demo - Sample Asset Report
Get an in-depth snapshot of a user's finances with Plaid's Assets product
Getting started with Plaid in 3 minutes
Play Plaid Video
Getting started with Plaid in 3 minutes
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32 Plaid Reviews

4.1 out of 5
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32 Plaid Reviews
4.1 out of 5
32 Plaid Reviews
4.1 out of 5

Plaid Pros and Cons

How are these determined?Information
Pros and Cons are compiled from review feedback and grouped into themes to provide an easy-to-understand summary of user reviews.
Pros
Cons

Overall Review Sentiment for PlaidQuestion

Time to Implement
<1 day
>12 months
Return on Investment
<6 months
48+ months
Ease of Setup
0 (Difficult)
10 (Easy)
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Verified User in Hospital & Health Care
AH
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: G2 invite on behalf of seller
Incentivized Review
What do you like best about Plaid?

I've been running Plaid for many years for both business and non-profits without many issues. Link is extremely easy to integrate and start using. The API is reasonable and stable. Review collected by and hosted on G2.com.

What do you dislike about Plaid?

For the very few times I've needed customer support, I wasn't too impressed. I've talked to both amazing reps and also ones that didn't understand what I was talking about. But this was years ago. I haven't had to contact customer support in more than 4 years. Review collected by and hosted on G2.com.

What problems is Plaid solving and how is that benefiting you?

For business, I was pulling transaction data from banks for underwriting purposes. For a non-profit, I implemented a simple bank account connection flow to pass a token to Stripe. Review collected by and hosted on G2.com.

Verified User in Financial Services
UF
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: G2 invite on behalf of seller
Incentivized Review
What do you like best about Plaid?

Plaid has a highly customizable user experience that we can fit to our needs, and also provides plenty of different products that provide information we can get from the single connection. Highly useful in verifications and underwriting, and can also reduce fraud when used carefully. Review collected by and hosted on G2.com.

What do you dislike about Plaid?

Keeping up with the changing technology requirements is difficult to prioritize against other initiatives, and can make it difficult for us to stay current. This leaves us with default features, which are fine, but not customized to our specific requirements. Review collected by and hosted on G2.com.

What problems is Plaid solving and how is that benefiting you?

Plaid is helping solve problems in fraud and income verification through the data it provides. Review collected by and hosted on G2.com.

Verified User in Internet
AI
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: G2 invite on behalf of seller
Incentivized Review
What do you like best about Plaid?

The client libraries are solid. Documentation is good overall. The developer logging available in the Plaid console is comprehensive at a level that sets the bar for the industry. Review collected by and hosted on G2.com.

What do you dislike about Plaid?

It's pricey. Our Account Managers were not always on the ball in terms of account communication. There is not quite enough metadata about institutions to help us slice the institutions into groups that would help our app communicate with end users.

Account selection across connections can be improved. Review collected by and hosted on G2.com.

What problems is Plaid solving and how is that benefiting you?

Plaid handles connections with institutions which we would never attempt. Review collected by and hosted on G2.com.

Bryce M.
BM
Senior IT Systems Engineer/Architect
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Organic
What do you like best about Plaid?

Pricing is quite affordable, and they have a lot of product offerings. Review collected by and hosted on G2.com.

What do you dislike about Plaid?

Brokerage integrations are flakey at best. Our application depended heavily on Plaid to connect to users' brokerage accounts. There would be MONTHS at a time where an integration would go down (ehem... M1 Finance, Fidelity). Some of the biggest brokerages just flat out don't work. Review collected by and hosted on G2.com.

What problems is Plaid solving and how is that benefiting you?

We used Plaid to integrate and connect to users' brokerage accounts to import investment holding data. Review collected by and hosted on G2.com.

Verified User in Financial Services
EF
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: G2 invite on behalf of seller
Incentivized Review
What do you like best about Plaid?

Excellent API documentation. Easy to use inside iOS, Android or webapp. Easy to implement API as a financial institution.

Used by our customers on a daily level - very few issues with significant financial institutions Review collected by and hosted on G2.com.

What do you dislike about Plaid?

Their transaction API examples are lacking, and couldn't contain more transaction types Review collected by and hosted on G2.com.

What problems is Plaid solving and how is that benefiting you?

We wanted to let customers identify their accounts in remote bank. Works like a charm Review collected by and hosted on G2.com.

Orlando G.
OG
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: G2 invite
Incentivized Review
What do you like best about Plaid?

The ease of configurability of the application and the versability of the interface for users is incredbile!!! Review collected by and hosted on G2.com.

What do you dislike about Plaid?

There's not really a lot to dislike, a couple site outages like one would normally expect!! Review collected by and hosted on G2.com.

What problems is Plaid solving and how is that benefiting you?

Getting an identity verification service attached to the contract system that we have internally built that adds more automation to the contract process. To say the least this service absolutely does the leg work it says it can! Review collected by and hosted on G2.com.

Amir C.
AC
Founder + Producer
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: G2 invite
Incentivized Review
What do you like best about Plaid?

One of the best things about Plaid is its integration with multitudes of different banking data + companies. Its strength is in its quick response to Fintech and banking needs. Review collected by and hosted on G2.com.

What do you dislike about Plaid?

One of the biggest dislikes I have with Plaid would be integration with Canadian and other non - US based banks. It's been a process getting anything approved if you're outside of the United States. Review collected by and hosted on G2.com.

What problems is Plaid solving and how is that benefiting you?

The company builds on data transfer tech between multiple banks or multiple fintech companies. We use Plaid for our day to day integration with our Fintech platform. Review collected by and hosted on G2.com.

Verified User in Computer Software
UC
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: G2 invite
Incentivized Review
What do you like best about Plaid?

Plaid's support team is very responsive and takes the time to explain errors and resolution steps for each case we open with them. They always follow up to ensure that our users' issues have been resolved and see cases through to resolution. They have integrations with thousands of banks, allowing nearly all of our users to link their bank account/credit card. Review collected by and hosted on G2.com.

What do you dislike about Plaid?

Issues can sometimes take months to resolve. Sometimes users have given up and deleted their accounts by the time their issue is resolved. There are also semi-frequent issues with some banks. Review collected by and hosted on G2.com.

What problems is Plaid solving and how is that benefiting you?

Plaid allows nearly all of our users to link their bank account(s) and credit card(s), which is an essential feature of our app. Review collected by and hosted on G2.com.

Verified User in Wholesale
AW
Enterprise(> 1000 emp.)
Validated Reviewer
Review source: G2 invite
Incentivized Review
What do you like best about Plaid?

What I like most about plaid is firstl the peace of mind knowing the platform is secure and safe. I also love how easy it is to use and integrate with your banking information. Review collected by and hosted on G2.com.

What do you dislike about Plaid?

There really isn't much I don't like to be completely honest. If I had to choose something though, It would be that more companies don't use Plaid at this point. Even though they don't now, I see a lot of companies changing to Plaid in the near future! Review collected by and hosted on G2.com.

What problems is Plaid solving and how is that benefiting you?

There are a lot of problems Plaid is solving. To begin it solves security issues when connecting your bank info for financing. Because the platform is so secure, there is no need to worry about scamming! Review collected by and hosted on G2.com.

MG
Program/Operations Manager
Enterprise(> 1000 emp.)
Validated Reviewer
Review source: G2 invite
Incentivized Review
What do you like best about Plaid?

Plaid is a safe and secure way for your customers to validate their banking information when doing business with your company. Review collected by and hosted on G2.com.

What do you dislike about Plaid?

I don't dislike anything about it. It's a safe and secure platform. It's easy to use - no problems. Review collected by and hosted on G2.com.

What problems is Plaid solving and how is that benefiting you?

Many customers fear identity theft or misuse of their personal information. Plaid solves that issue because the interface is only for information entry and delivery of the data over their secure platform, Review collected by and hosted on G2.com.