Plaid, the company that creates a universal banking API that allows you to connect an app or service with a bank account, has updated Plaid Link. Plaid Link is the interface you see when you add your bank account to any app or service that uses Plaid, such as Venmo, Acorns, or Chime.
Given that 3,000 apps have used Plaid, chances are you've seen Plaid Link in the past. According to the company, one in four people in the United States have used Plaid to link their accounts.
And today's update is about using Plaid with multiple apps. The first time you connect your bank account, search for your bank, enter your credentials and log in.
The second time you need to add your bank account, Plaid shows that you have already added bank accounts. There is no need to scroll through a list of financial institutions and no user ID is required. Plaid may ask you again for your password or a one-time code.
When you buy something on an e-commerce platform, you can save your card so you don't have to enter your card details again. With today's update to Plaid Link, the company is doing the same thing with bank account information.
Payment cards have thrived in part because it is much easier to pay with your card than to log into your bank account to send money. Polishing Plaid Link reduces friction for fintech startups when it comes to linking your accounts.
Plaid also says Plaid Link is a little faster. Each panel loads 30% faster. The bank list now changes depending on your location. Local banks appear closer to the top of the list, so you don't have to scroll that much.
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