Plaid Adds Credit Card Details to Liabilities Offering

Plaid Adds Credit Card Details to Liabilities Offering

Fintech developer tools expert Plaid announced today it enhanced Liabilities, a product it launched in July to offer developers access to information about how much money a consumer owes.

Upon launch, Liabilities was limited to offering insight into consumers’ student loan balances. Today the tool has added support to show consumers’ credit card details. While Plaid has always offered information about consumer credit card transactions, today’s update broadens the information available by returning details about payment terms, APR type, APR percentage, interest charge amount, minimum payment, last payment date and amount, due dates, and more.

User experience of credit card connection from the end consumer’s perspective

This new launch will allow developers create tools that help borrowers gain a clear picture of their financial obligations, consolidate debt, and pay down their credit card balance faster.

The credit card data tool is now available in Plaid’s sandbox, development, and production environments. The company will add more debt categories in the future to give developers more options to help their users manage and overcome their debt.

At FinDEVr San Fransisco 2014, the company’s founder, Zach Perret gave a presentation about leveraging the Plaid API for financial infrastructure. Plaid has raised $310 million since it was founded in 2013. After the company’s most recent investment last year, TechCrunch estimated Plaid to be valued at $2.65 billion.

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Plaid Launches in U.K.

Plaid Launches in U.K.

Plaid, a provider of APIs for financial infrastructure, announced its expansion into the U.K. this week. The move makes a lot of sense– an open banking fintech is launching in the motherland of open banking.

“We’re building a financial network that will deliver on the promise of open banking with the best in both local expertise and global opportunity,” Keith Grose, International Lead at Plaid said in a blog post.

The U.K. is Plaid’s second international market after launching in Canada last year. The expansion overseas initiates the San Francisco-based company’s more comprehensive launch into Europe as a whole.

Plaid elected to launch in the U.K. because, as some have argued, the region is the fintech capital of the globe. More than 1,600 fintech companies have come out of the U.K. and that number is projected to double in the next ten years.

Today’s news is as much about Plaid launching in the U.K. as it is about opening up the possibility for its client applications to do business in the region, as well. Venmo, Robinhood, Coinbase and Acorns all use Plaid to connect to their customers’ U.S. bank accounts, and can now more easily expand into Europe using existing integrations.

Plaid, which was granted its AISP license from the U.K.’s Financial Conduct Authority last October, currently offers five of its products in the U.K.:

  • Auth, an account authentication tool
  • Balance, which pulls account balance information in real-time
  • Identity, which leverages bank data to verify consumer identity
  • Transactions, which pulls bank statement data across banks
  • Assets, a verification of assets tool

Missing from this list is Plaid’s Income product, a tool that validates a consumer’s income and verifies direct deposit data.

At FinDEVr San Fransisco 2014, the company’s founder, Zach Perret gave a presentation about leveraging the Plaid API for financial infrastructure. Plaid has raised $310 million since it was founded in 2013. After the company’s most recent investment last year, TechCrunch estimated Plaid to be valued at $2.65 billion.

Plaid began 2019 by acquiring its competitor Quovo in a $200 million deal. At FinovateSpring earlier this month bill payment platform doxo announced it is leveraging Plaid to bring customers overdraft protection when paying their bills online. And last week, Plaid unveiled Plaid Direct, a lightweight integration that makes banks and fintechs a data source in the Plaid network, allowing end customers to enjoy open banking connectivity across financial service providers.

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