Table of contents
Extensive Coverage
Plaid provides connectivity to a vast range of financial institutions, making it easier for users to link their bank accounts and financial data seamlessly.
API Integration
Plaid offers robust and well-documented APIs, which simplifies the process for developers to integrate Plaid services into their applications.
Security
Plaid employs advanced security measures, including encryption and secure connections, to protect user financial data.
User Experience
The user interface and experience provided by Plaid are streamlined and user-friendly, improving overall satisfaction.
Speed and Reliability
Plaid delivers fast and reliable services, minimizing downtime and ensuring swift data retrieval and transactions.
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Check the traffic stats of Plaid on SimilarWeb. The key metrics to look for are: monthly visits, average visit duration, pages per visit, and traffic by country. Moreoever, check the traffic sources. For example "Direct" traffic is a good sign.
Check the "Domain Rating" of Plaid on Ahrefs. The domain rating is a measure of the strength of a website's backlink profile on a scale from 0 to 100. It shows the strength of Plaid's backlink profile compared to the other websites. In most cases a domain rating of 60+ is considered good and 70+ is considered very good.
Check the "Domain Authority" of Plaid on MOZ. A website's domain authority (DA) is a search engine ranking score that predicts how well a website will rank on search engine result pages (SERPs). It is based on a 100-point logarithmic scale, with higher scores corresponding to a greater likelihood of ranking. This is another useful metric to check if a website is good.
The latest comments about Plaid on Reddit. This can help you find out how popualr the product is and what people think about it.
Oh this is a https://plaid.com/ use case I think. - Source: Hacker News / about 2 years ago
My company made a financial dashboard for small businesses that aggregates information from financial institutions into a simplified view. The problem I need to solve: our only way of showing what it looks like when in use, is by connecting our own bank accounts + credit cards, but of course that exposes our personal info. I'd like to setup a demo account using fake financial data that simulates a real world... Source: about 2 years ago
I have been looking into this and found Plaid, Yodlee, and Flinks. I am not 100% if any of these will work. Source: over 2 years ago
Yeah I fully expect to pay, but I am sure there are companies that do this. It's simply reading data, I am not touching anything within the user's bank account. Places like Australia are quite big on open banking I believe, that allows, with proper verification, to access bank account information. I've just found one company plaid.com, it doesn't have all the institutions I was hoping for but the majority of big... Source: over 2 years ago
Switching platforms won't help. Every money visualization app on the market uses plaid to fetch their data, so every app will have the same data quality issues. Source: over 2 years ago
You may want to look into Plaid or other similar APIs to get your users' transactions. Then, based on the details of the API response, you'll have to create triggers that fire notifications. Not sure if notifications are the right approach, as opposed to creating a to-do task list for users to categorize their transactions. Depending on the number of transactions, notifications can be overwhelming to your users... Source: over 2 years ago
To clarify, Its just a plaid integration under the hood, Im not actually storing anyone’s financial data (the FAQ is pretty explicit about this). But yes always a good idea to do your research before signing up for any service involving your financial data. Source: over 2 years ago
Https://plaid.com/ offers a complex solution for transferring money from our main bank account to many (1000s) of our clients. Our business collects money via credit cards (stripe) and then distributes a % of those payments to our partners who have each entered their routing and account numbers in our system. My question is do we even need plaid.com? Could we just use stripe to send these payouts via ACH? Source: over 2 years ago
If you’re a more advanced user, you can just use plaids apis: https://plaid.com/. Source: over 2 years ago
It was actually Plaid who was asking for your login. There is some evidence they pull your whole banking history and sell it. Source: over 2 years ago
This feature is grouped into the "non-persistent" storage requirement group. As I see it, I don’t have a need to persist the financial account balance data, as it’s something that will be needed only on-demand. So for this feature, I can just fetch the data on demand from a provider such as Plaid.com, inject the data into an email template, send, and forget. Source: over 2 years ago
Lendingtree.com offers a feature that checks multiple cards and shows your current balance, but not necessarily your actual transaction. Their backend is https://plaid.com/ which now apparently has an API so that anyone can do this? Source: over 2 years ago
Plaid is the most widely used one and sadly there's no good global alternatives that are cheap. Source: over 2 years ago
I know about plaid.com, but I've read they have a significant minimum monthly fee. We are only looking to support ~50 customers for the beginning and can't spend a bunch of money on fixed-cost expenses. Source: over 2 years ago
Are there any plans for integrating Revolut with plaid.com for use in financial apps such as Mint? I know Revolut operates in the US as a Metropolitan Commercial bank partner so I guess that's the problem? Are there any apps like Mint in the US that actually support Revolut? Source: over 2 years ago
You are not wrong. It is a risk. I worked at Acorns and other financial tech startups as a software developer. Pretty much all these applications use https://plaid.com as their means to connect. Their security is good. However, to your point, there is no guarantee. Having worked with their api, it’s a risk I am willing to take. Source: over 2 years ago
Maybe you already know about this but give https://plaid.com/ a look if you want to integrate spend tracking. Source: almost 3 years ago
This is probably not completely what you are hoping for, but I looked too and could not find any proper ways. Most of the banks require you to be a verified business to access their data. I've heard Plaid is not that strict in their approvals, but I personally do not want a fintech company like Plaid to sell my data. Source: almost 3 years ago
Plaid is the industry standard and is free for up to 100 credentials: https://plaid.com/. Source: almost 3 years ago
Is there a way to see pending transfers? Maybe plaid.com? (I don't have an account, though). Source: almost 3 years ago
Go to plaid and disconnect the link from your bank. Do it quick and avoid drain your bank funds away. Their website is on the hackers hand now and any minute your information likely be stolen and traded in black market. Source: almost 3 years ago
Plaid is a prominent entity in the financial technology (fintech) sector, particularly within the realms of personal finance and open banking. Founded in 2013 and lauded for its enterprise-grade solutions, Plaid has established itself as a leader in the Open Banking landscape, especially in North America, where it maintains a dominant presence. This summary provides an objective overview of public opinion and insights into Plaid's offerings based on recent product mentions and context data.
Plaid's service portfolio is well-regarded for its comprehensive data aggregation capabilities. This function allows application developers to seamlessly connect end-user bank accounts to their platforms, essentially facilitating a bridge between consumer financial data and fintech applications. In the United States, Plaid's widespread recognition as a reliable player is bolstered by its capacity to process billions of transactions, showcasing resilience and scale. These features make it an attractive option for startups and established firms looking for robust integrations with extensive banking networks.
In Europe and the UK, Plaid has strategically expanded its open banking integrations, aiming to replicate its North American success by offering potent income verification solutions tailored for lenders. Despite having a less comprehensive reach than in North America, its growing footprint indicates forward momentum.
Despite its many strengths, Plaid does not escape scrutiny. Some users and businesses have voiced concerns over Plaid's premium pricing structure, which may not align with all companies' budgets, especially smaller startups. This aspect has led some businesses to explore alternatives, seeking more cost-effective solutions or those offering broader geographic coverage. Complaints have also surfaced regarding limited bank coverage and complex integration processes that could deter less technically savvy users or companies with resource constraints.
Alternatives such as Yapily, Truelayer, and Saltedge are praised for offering robust and scalable solutions, often with a simplified integration process and compliance-focused architectures that appeal to a distinct segment of the market.
Plaid operates in a sensitive space, and discussions in public forums highlight user concerns about data security and privacy. Trust in its data handling procedures is crucial, as financial data integrity remains a top priority for consumers and businesses alike. While Plaid's security measures are generally respected, apprehensions about data commercialization persist, with some users cautious about entrusting financial information to a third-party provider with such expansive data processing capabilities.
In summary, Plaid stands out as a resilient and innovative force in the fintech industry. It offers a suite of sophisticated financial integration services coveted by many developers and financial institutions. Nonetheless, while Plaid's advanced features and American dominance exemplify its successes, the company faces challenges concerning global expansion, pricing, and user trust in data protection. Potential users must weigh these factors against their specific needs when considering Plaid as a solution. The evolving landscape of open banking will likely continue to shape Plaid's strategies, influencing how it addresses these concerns and capitalizes on its existing strengths.
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