Plaid’s Post

Our mission at Oportun is to empower our members to build a better future. We do that using intelligent borrowing, saving and budgeting tools that can improve financial health and resilience. A big part of that is extending responsible, affordable credit to people who have limited traditional credit histories and are not well-served by mainstream finance. That process relies on our use of billions of data points – both traditional and alternative – within a sophisticated underwriting model. We are excited to announce that we are now using new cash flow underwriting tools from Plaid to further enhance our credit scoring capabilities. Oportun was one of a handful of lenders helping to beta test Plaid’s new Consumer Report  product over the past few months, and we found its categorization of consumer cash flows can meaningfully improve our ability to score applicants. We are excited to more fully leverage Plaid’s new Consumer Report now that it’s live because: ·     Pairing this alternative data with traditional credit data gives us an even more comprehensive view of an applicant’s financial behaviors, improving the accuracy of our credit decisions and outcomes. ·     Automated access to this consumer permissioned data means we no longer have to manually review related documentations before offering a credit decision – accelerating our underwriting process. ·     It provides visibility into indicators that signal when we can responsibly extend a higher loan amount for qualified applicants, information that is nonexistent in traditional credit reports. At Oportun, we take great pride in scoring 100% of the applicants who come to us. Now, using cash flow data from Plaid, we will be able to scale to approve and offer credit to even more hardworking Americans who would otherwise be excluded from the financial mainstream.  

It's never been easier to bring the benefits of cash flow underwriting to your organization. CashScore by Prism Data is predictive, proven, compliant, and now available through Plaid Check.

Is Plaid trusted by banks? Plaid authenticates your financial information, permitting companies to transfer sensitive information securely. But is Plaid safe? Yes, it's considered safe to use.

Leveraging ValidiFI through your existing Plaid integration can provide your organization with near real-time cash flow insights. Don't have Plaid or a UX with asset payloads? No problem! Reach out to ValidiFI to discuss how to embed their UX vConnect and leverage cash flow underwriting and insights via vInsights. This alternative data can embolden decision-making and provide a more comprehensive view of decisioning workflows for onboarding or credit decisioning. Contact ValidiFI today to learn more! #cashflow #underwriting #decisionmaking #alternativedata

The globalization of finance is one of the most fascinating trends in FinTech. Investor's and consumer's financial lives are no longer tied down by borders, which is why it's so exciting to work with Strabo Financial Limited who help global investors have a single snapshot of their financial lives.

Explore the paradigm shift in credit underwriting with FinBox's innovative approach to income estimation. Beyond traditional methods, this blog unveils the power of alternative data, particularly the groundbreaking DeviceConnect. By integrating device data seamlessly, FinBox achieves more than 80% accuracy in income estimation, empowering lenders with higher confidence levels, real-time validation, and enhanced consumer privacy. With reduced lending risk, increased approval rates, and fewer drop-offs, discover how this transformative tool revolutionises decision-making, ensuring financial success and business growth while prioritising data ethics and security. Read more: https://lnkd.in/g5BSKR6P #Fintech #AlternativeData #DigitalLending #CreditUnderwriting #FinancialInclusion

Navigating the Account Aggregation Landscape: Plaid vs. MX Which one suits your financial data needs? Discover the distinctions in our latest post. #Fintech #FinancialData #PlaidVsMX #accountaggregator #financial #innovation #technology #development #mobilefirstapplications #fintegrationfs #effeiciency #techinnovation #comparison Read more: https://lnkd.in/dyXTNKzU

RIP to Plaid. They are no longer "Fintech's Happy Plumbers," a Forbes Headline circa 2018. At that time, Plaid helped move data around. Want to move money or extract insights from that data...not much help. Also, if you were a regulator asking, they were most certainly not a CRA ("We're just the pipes!"). Today, Plaid announced 2 very exciting, new things: (1) Money movement via a partnership w/ Adyen (2) Credit risk insights from consumer-permissioned cash flow data. This is an in house product via a subsidiary. If you're a regulator asking, yes, this is most certainly subject to the CRA and that subsidiary is now licensed as as one. So, the happy plumbers are dead...Plaid, welcome to a new era!  

⏳ The countdown has begun... Only 4 days left until we reveal insights that can skyrocket your creditworthiness. Whether you're looking to repair, rebuild, or refresh your credit history, our AI-driven strategies are designed to give you that Creditfixrr edge! 🔑 Learn from top industry experts how AI can simplify and enhance the credit repair process, making it faster and more efficient than ever before. Don't miss out on this transformative experience. Comment "WEBINAR" below and secure your spot TODAY! 📈 #CreditRepair #Creditfixrr #CreditScore #FinancialFreedom #AICreditBoost