The biggest product updates from Plaid Effects

Plaid, a financial technology company, has announced new data and insights solutions designed to improve onboarding, underwriting, payments, and fraud and risk mitigation at its annual customer conference, Plaid Effects. The company's network connects consumers and financial institutions with thousands of digital financial apps and services, enabling it to provide unique data and insights that don't exist anywhere else today. Among the key announcements are: 1. Plaid Layer: A new platform for secure, instant financial experiences across onboarding, lending, payments, and more. Companies like Possible Finance and Empower are now live with Layer and seeing meaningful conversion improvements. 2. Consumer Report under Plaid’s new consumer reporting agency, Plaid Check: Brings real-time, actionable cash flow data along with network-powered credit risk insights to mainstream lending. Early customers include enterprises like H&R Block and lenders like Oportun. 3. Bank account insights for fraud prevention during onboarding: Added bank account insights, providing companies with 40+ insights about the linked account to determine the risk of downstream fraud. This can be used at the time of onboarding, helping to prevent fraud before losses occur. 4. Modular experiences designed to bring pay by bank to your checkout: Businesses can take advantage of Plaid’s modular pay-by-bank components, which are helping lower payments cost by 40%.