Fintech & Ecommerce

Plaid Adds ID Verification Across Platforms

Enhanced verification features from Plaid enables previously verified users to sign up for additional digital finance apps without proving their ID over and over again

Plaid Adds ID Verification Across Platforms

The open banking platform Plaid has modified its Identity Verification tool so that previously verified users should not repeat the process all over again while signing up for extra digital finance apps, Plaid Head of Identity Alain Meier announced in a Thursday (June 8) blog post.

Thanks to the update, all the next verifications across Plaid-powered apps and services will happen in a ‘one-click’ manner. With that initiative, “Plaid is creating the standard for a ‘verify once, verify everywhere’ experience that allows for faster verification while remaining KYC [know your customer] compliant for digital commerce,” says Meier.

The original Identity Verification solution was introduced last year. Since then, it has been adopted by hundreds of companies and has often delivered success rates above 90%, according to the post.

Plaid Identity Verification lets companies verify the identity of their customers with a seamless combination of various verification methods, including authoritative data source, documentary, and liveness (selfie) verification, all powered by a ‘sophisticated neural network’.

Moreover, Identity Verification analyzes device behaviour and the ways customers enter their PII in real-time in order to identify red flags hinting at activities of bad actors, fraud rings, and bots. The behavioural risk level is customizable for the needs of each separate platform. Besides, the solution enables risk and compliance teams to manage success criteria directly, without the need for developers.

The service also offers an autofill function which speeds up and maximizes signups while helping meet CIP requirements. Based on the date of birth and phone number, Identity Verification automatically fills in a customer’s identity information like full name, address, and SSN for review, making it easier and faster to onboard.

As we have previously reported, Plaid launched a portal to ease access to cybersecurity-related information.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.