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What Is Plaid?

Make smarter lending decisions with Plaid. Connect instantly to source data, give customers a smooth experience, and drive efficiency through automation.

Who Uses Plaid?

Plaid's Asset product is a great fit for a loan originator looking to digitize the lending process and create a better borrower experience.

Plaid Software - Verify bank account income with Plaid's Income product
Plaid Software - Verify user identity with Plaid's IDV product
Plaid Software - Enable users to instantly connect their bank accounts via Plaid Link
Plaid Software - Get an in-depth snapshot of a user's finances with Plaid's Assets product
Plaid Software - Create accurate and custom transaction risk assessments with Plaid's Signal product

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Reviews of Plaid

Average score

Overall
4.4
Ease of Use
4.3
Customer Service
4.3
Features
4.3
Value for Money
4.5

Reviews by company size (employees)

  • <50
  • 51-200
  • 201-1,000
  • >1,001

Find reviews by score

5
68%
4
15%
3
10%
1
8%
Joseph
Joseph
Senior Engineer in Kenya
Verified LinkedIn User
Civil Engineering, 201–500 Employees
Used the Software for: 2+ years
Reviewer Source

Agrxis Review on Plaid

5.0 last year

Comments: I have found Plaid to be an outstanding platform overall, and it has considerably improved my ability to manage my finances. It is tremendously straightforward to view and evaluate my financial data in real time because to the smooth interface with numerous financial institutions. My time and effort have been greatly reduced by how simple it was to link my bank accounts, credit cards, and other financial accounts. I've been able to obtain a deeper understanding of my spending habits and make wiser financial decisions because to Plaid's thorough transaction information and classification. Additionally, I have peace of mind knowing that Plaid has put in place strong security measures to protect my data. A great user experience is also aided by the user-friendly interface and intuitive design.

Pros:

I have been amazed by Plaid's powerful and dependable financial data connection capabilities. As a result of the platform's smooth interaction with numerous financial institutions, I can quickly get and examine banking data. Real-time data access, which offers accurate and up-to-date insights into my financial activity, is one of the features I value most. I feel secure knowing that my financial information is secure because to Plaid's security safeguards. In addition, integrating Plaid into my own applications has been a breeze thanks to the developer-friendly APIs and documentation. The Plaid support staff has been accommodating and supportive, swiftly responding to any questions or concerns.

Cons:

Although Plaid offers useful capabilities for integrating financial data, there have been a few elements that I haven't found to be as positive in my experience. The data I got from several financial organizations occasionally had inconsistencies, which was one of my problems. To make sure the information was accurate and consistent, more work was needed. The provision of support for a wider range of foreign banks and financial institutions is another area that may be enhanced. As a foreign user, I discovered that Plaid did not support all of the institutions I work with, which constrained the extent of data integration.

David
David
CTO in US
Verified LinkedIn User
Financial Services, 11–50 Employees
Used the Software for: 1+ year
Reviewer Source

Plaid is the only game in town for connecting to any financial service

4.0 3 years ago

Comments: We use Plaid to check bank balances and to accept ACH payments. It works great for both purposes. Be aware that some financial platforms (banks) are hostile to Plaid (to the extent of suing Plaid) and have sporadic availability. Some platforms have an arrangement with Plaid that requires you to complete additional documentation steps, like sharing your security policies and business information. Presumably, you get more reliable integration in exchange. For our use case, the cost of Plaid is trivial, but to accept ACH payments, Plaid integrates with Stripe, which does charge a fee for the actual payment. Bottom line, no other service can offer what Plaid can, so if you want your customers to connect to their financial institution to your product, Plaid is your only option.

Pros:

Plaid is relatively easy to setup and use. The API documentation is great and API credential setup is easy. The SDK supports all common platforms, and rich code samples are provided.

Cons:

Getting approved for production access was a paid. The support team ignored requests. We had to create a second account, which was finally approved. Why this was needed is a mystery. Plaid will push an expensive monthly plan, but it's not needed for sporadic access.

DJ
President in US
Industrial Automation, 2–10 Employees
Used the Software for: 6-12 months
Reviewer Source

WaveApps.com reliance on Plaid a horrible decision!

1.0 4 years ago

Comments: WaveApps is slowly committing suicide by using Plaid as it is currently supported.

Pros:

Nothing, really... That's the point of this review.

Cons:

Account connections with mainstream institutions like AMEX regularly break. The connection must be deleted and recreated each time there is a problem. Kind of defeats the purpose of an automated link. Connections to smaller institutions or banks don't stand a chance with Plaid. Reported problems don't get rectified presumably based on the biggest "squeaky wheel" institution getting priority. Ever since WaveApps converted to Plaid, I must do a manual bank upload to Wave to update my accounts. Again, kind of defeats the purpose of an automated link, don't you think.

Erin
Management in US
Verified LinkedIn User
Hospitality, Self Employed
Used the Software for: 2+ years
Reviewer Source
Source: GetApp

Instant banking access

5.0 3 years ago

Pros:

I so love the Plaid software it makes it so easy to login directly to your online banking account. It has several online banking services listed to enter any of your accounts. Makes it so you dont have to always enter your card number and information makes it feel a little more secure.

Cons:

There is not absolutely one negative down fall to this software. I applaud the creator of this software.

Steve
Founder in US
Accounting, 2–10 Employees
Used the Software for: 2+ years
Reviewer Source

Great for importing customer data

5.0 8 months ago

Pros:

Plaid was easy to implement and import data from multiple sources in one format.

Cons:

Some of the connections have issues and some institutions are not supported.