Use many Apps that use Plaid's services
Keep your finances organized
WaveApps.com reliance on Plaid a horrible decision!
WaveApps is slowly committing suicide by using Plaid as it is currently supported.
Nothing, really... That's the point of this review.
Account connections with mainstream institutions like AMEX regularly break. The connection must be deleted and recreated each time there is a problem. Kind of defeats the purpose of an automated link.
Connections to smaller institutions or banks don't stand a chance with Plaid. Reported problems don't get rectified presumably based on the biggest "squeaky wheel" institution getting priority. Ever since WaveApps converted to Plaid, I must do a manual bank upload to Wave to update my accounts. Again, kind of defeats the purpose of an automated link, don't you think.
We've had some bugs getting WooCommerce Subscriptions to be authorized for renewal payments, but that might not be an issue with Plaid specifically.
I love the interface of a pop-up window that allows the user to log in to their online banking, select the account, and use that to complete an online payment.
It's crazy expensive if you are doing much more than testing (for a small business like us). It would make sense though as they don't charge per transaction (I think, it's a been a while since I looked at their pricing page).
Reliable, secure and streamline way to connect with bank accounts.
Initially, I've used Plaid from end-user standpoint, connecting to a budgetting/finance management software, each convinced me to sign up for it, knowing that the connection with the bank was done professionally and securely.
More recently I had a chance to integrate a large-scale software with Plaid for fraud detection and onboarding, and it was a very pleasant experience, with modern APIs and good support.
Simple to use, reliable and secure. Removes the burden from developers to implement direct connections with banking institutions and put clients at ease knowing that their accounts are secured by specialized people.
It can have some issues authenticating banks with two-factor authentication enabled. Canadian integration is lagging behind the American one.