Plaid, API and solution provider to the financial services industry, has expanded its Auth product offering to work with every bank and credit union in the US. That's roughly 11,500 financial institutions. The expansion greatly improves on the last release that covered about 3,800 US-based institutions. The Auth product allows banks and credit unions of all sizes to authenticate accounts.
The goal of the offering is to provide a simple connection between an app and the end user's account of choice, no matter what the app, no matter what the financial institution. Auth guides users through an authentication process best suited from the particular financial institution. Auth's unique technology allows for instant, credential based authentication.
Plaid offers four potential authentication paths. Instant Auth authenticates immediately through user credentials. Instant match authenticates immediately using credentials combined with account and routing numbers. Automated microdeposits authenticates through credentials, paired with account/routing numbers and verification of 2 microdeposits. Same day microdeposits makes same day microdeposits through ACH and allows manual verification from the user. For more details, check out the API docs.
Banks vary in their tech infrastructure. Accordingly, their ability to integrate with third party apps depends on many variables. Plaid, through its various APIs, aims to offer a single solution that all banks, regardless of tech resources and infrastructure, can leverage to provide seamless financial services to customers.