Plaid has introduced a new solution called Plaid Link, which will facilitate consumers’ access to real-time data on the movement of money.

As part of this product, lenders will have access to information about the movement of money in the case of appropriate permission from consumers. Access will be provided via Plaid. During the underwriting process, a decision will be made on whether the applicant’s cash flow is sufficient to decide on granting a loan or a loan product.

In a message posted on the company’s blog, Michelle Boros, head of the Plaid product department, said that the potential of the new solution is encouraging. According to her, in this case, lenders get the opportunity to more easily implement the Plaid Link into their user interface to receive information about the movement of money underwriting.

Plaid interacts with Prism Data. As part of this cooperation, the company offers more reasonable credit solutions using tools, including CashScore and Insights. Erin Allard, general manager of Prism Data, says that these products simplify credit decision-making and accelerate them with the help of Prism and Plaid.

Also, Plaid is currently implementing a partnership program with the Credit Builders Alliance (CBA). In this case, a pilot cooperation project is being implemented, the purpose of which is to provide creditors with access to alternative data and consumers with the best options for obtaining funds.

The Plaid Assets API provides the ability to verify information about the provision of money. In this case, we mean data on the identity of the borrower, the balance of funds, and the history of financial transactions for two years.

In June, it also became known that the financial services platform Stripe introduced a new payment accrual program for its commercial card issuance product. Denise Ho, head of business products at Stripe BaaS, said that access to capital is crucial regardless of what stage of development a small business is at and whether it seeks to scale up its activities. She said that the new payment card allows FinTech and SaaS platforms to gain access to a reliable source of credit for small businesses.

A Stripe survey showed that 77% of small and medium-sized businesses are concerned about access to finance. These results are consistent with the results of other industry studies.

In an April survey in the United States, more than 50% of small and medium-sized enterprises said they rely on credits and other loans, including mortgages.

After the collapse of the Silicon Valley Bank and other regional financial institutions, 9% of small and medium-sized enterprises reported an increase in the number of problems in obtaining a loan compared to earlier attempts.

As we have reported earlier, American Express and Plaid Streamline Onboarding for FinTech Apps.