Alain Meier’s Post

Announcing: Plaid Layer Layer increases end-to-end sign up rates by 10 - 25%. In a world where 1-2% gains are considered a big win. Here’s how we give you the Internet’s fastest, highest converting financial onboarding experience: 1. 📱 You send us your user's phone number when they're signing up for your service. From that, Plaid tells you whether that user is in the Plaid network 2. ⚡ In-network users are given the choice to sign up instantly with Plaid. Layer authenticates the user, and then presents them everything from their name and date of birth to their SSN and their most relevant previously linked bank account 3. 🌐 Your user hits "Share" and instantly permissions their full identity so you can KYC them. This also links a bank account in one tap (for supported institutions) This is a *massive* improvement in user onboarding. It's an 87% reduction in end to end financial onboarding time - KYC to account linking. And it works, today, for tens of millions of users who are already in our network. Some of my favorite key features: 🔑 Next-level user authentication, powered by direct-to-carrier SIM authentication, our ML models for thwarting bad actors, Passkeys for seamless login, and our network of trusted devices 📊 You can make sure that only users who have *exactly the data you need* on file go through this experience. Everyone else uses your existing signup flow. 🎉 We only charge you when users successfully share their information and link an account with you. Our incentives are 100% aligned with yours. 🧠 We called it Layer because it's a layer that sits on top of your sign up flow that only appears when it benefits you and your users It's available starting today. Link in the comments.

FYI, we discovered the next untapped frontier for predictive fraud data for fintechs and FIs. 👇 Bank accounts that have been linked by three or more browsers to other Plaid apps within a week have a 6500% (!!!) higher risk of unauthorized returns (R10). This is the kind of insight that led us to build the new bank account insight features into Beacon, our fraud network product we announced last year. This data point, alongside 40+ others, are now available to our customers for their Plaid-linked bank accounts. Here are some other *highly predictive* attributes we found: ⌛ Account age & status 📱 Number of connected apps via Plaid 🌐 Account connection frequency and associated IPs 🪪 Velocity of identity changes to the bank account (updating phone, address, etc) And you can figure all of this out before a customer has even transacted with you. Get the link to the full writeup in the comments.

Plaid is becoming a core part of identity infrastructure in the United States. Here's our next step 👇 The majority of fraud that fintechs see has already been seen by another fintech before. But fintechs today don't work together to share information about that fraud - instead they exist in fraud data silos Telcos, banks, and e-commerce all share fraud information and have authoritative anti-fraud networks. So why don't fintechs? Today we're changing that with Plaid Beacon. Here's what it does: - When fintechs see instances of stolen identities, account takeover, or synthetic identity fraud, they can now send an API call to Plaid - We take that data and match it against new and existing user registrations for other fintechs to help protect others on the network - Based on the kind of report, its recency, the reporting industry of the fraud report, and its relevancy, fintechs can take steps to protect consumers and themselves But when talking to customers about this, we accidentally stumbled on an additional problem: financial institutions are struggling to detect repeat sign-up and fraud attempts *within their own organization*. So we also built in the ability for Beacon to let YOU use our world-class identity matching to help you catch non-malicious duplicate signups, and aggressive repeat fraud attacks with overlapping PII. We're rolling this out early so we can start getting the 8,000 apps and services on Plaid's network contributing to protecting the ecosystem. Come join us! https://lnkd.in/diPRPZqR

The history (and future) of ID verification: 2008 - 2014: Credit bureau checks + "what color was your Nissan?" 2014 - 2020: ID doc and selfie checks popularized by crypto exchanges 2020 - 2023: Phone-based identity + auth 2023+: Plaid Remember Me The holy grail of ID verification is the notion of verifying your identity once and being able to carry it anywhere. We're bringing that to everyone today at Plaid - and we're calling it Remember Me. Some key features: - Customers can store their identity with Plaid and reuse it anywhere else Plaid is used for identity verification - 50% faster ID verification experience for end users - Managing your Remember Me profile is easy: every time you verify, you can update your data if you move, add new ID types (prefer to use your passport over your drivers license?) and swap between info seamlessly - We re-run end-user PII according to each new company's verification and compliance requirements. Just because it's one-click for the end user doesn't mean it's one-size-fits-all for the businesses who use Plaid ID verification - It's jam-packed with security features like SIM swapping and account takeover detection, device fingerprinting to check device reuse, and activity checks to see if the phone line is still active We're already working on some incredible extensions to this product, stay tuned - and like for updates :) Read about it more here: https://lnkd.in/g92yKqh4