Plaid reposted this
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.
Plaid / "Open banking" has morphed into another "Data broker" scheme. --> While slightly better than screen scraping, the simcard is a single factor of authentication == lowest possible NIST assurance level. (rule 1003 should address this) --> Market fascination with the magic of autofill is so 2015. --> Banks have an opportunity to differentiate by denying "data broker" access to user account data. Huge business opportunity in moving away from the current access delegation model used by plaid/ PayPal etc.
Ayesha Jaggi
1w
Future is definitely here!
Matt Fruge
1w
KYB?
Rahul H.
1w
Game changer!!
Alex Preefer
1w
Game changer for our customers
Rory Bernier
1w
Congratulations on the launch of Plaid Layer! 🎉 Your innovative approach to financial onboarding is impressive, promising significant improvements in user sign-up rates and efficiency. The emphasis on security and seamless integration with existing flows shows your commitment to enhancing user experiences. Looking forward to seeing Layer make a positive impact!
Lin Yang
1w
Great innovation on the KYC space. I wonder how do you solve the security concern
Peng Ying
1w
Congrats! And can you help me better understand the % of users who can use Layer? Is it all of the users who have opted in to be remembered by Plaid or is it a subset based on device signals?
So great for consumers and fintech businesses!
Head of Identity at Plaid
1wCheck it out: https://plaid.com/blog/introducing-plaid-layer/