Plaid to Salesforce Integration | Help your company get real time banking data in Salesforce while making the best-informed underwriting decisions

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Getting real time banking data is vital for any business to make the best-informed decision. It is especially true if you work in Banking, Wealth, Personal finances, Business Finances, Payment, or Lending and your business depends on it. Today, millions of companies are using Plaid to connect with more than 11,000 financial institutions worldwide and get real-time banking data securely that helps them create a complete picture of their applicants to make informed loan decisions. Recently Cloudsquare, a recognized Salesforce Partner for FinServ, partnered with Plaid to bring their newest product called Plaid Hero, a Plaid to Salesforce Integration and finance management app that allows companies servicing the Financial Services (FinServ) sector to analyze critical financial data on their customers in one central place. Learn more below! 

Quick overview about Plaid 

Plaid is a FinServ company that powers thousands of finance management apps used by people to handle their financial lives. It acts as an intermediary connecting securely your financial technology applications with your bank accounts. Plaid power-apps, like Venmo, Betterment, Chime, and others; allow users to share their financial information in a controlled and safe way with whom and for however long they decide, and for companies with access to the data to make the most accurate decision. 

Plaid Hero – The Salesforce App your business needs 

Plaid Hero is an app built natively on the Salesforce platform that provides an easy-to-use user interface enabling underwriters to perform risk analysis and make accurate credit decisions. FinServ companies can now have their customers instantly authenticate bank accounts, gain access to customer bank account data across 11,000 institutions worldwide, see transactional data up to 24 months, auto-summarize the most important key metrics, and auto-calculate balances as additional transactions are fed.  

Cloudsquare’s Plaid to Salesforce integration provides you with real-time data that can help you certify if an account has sufficient funds. It allows you to verify the user’s identity with the information on file in their financial institution, which can be used for prefiling account information or verifying the applicant provided the correct information about themselves. 

Plaid Hero helps you detect fraudulent activity, reduces administrative costs and time, and gives you a holistic picture of users’ financial health by consolidating data from multiple sources, making it easy to analyze and use without ever having to leave the Salesforce platform

Plaid Hero is a Salesforce app built for several FinServ sectors including Banking, Wealth, Personal finances, Business finances, Payment, Lending, and much more.  

How it works 

Step 1 

When you install the Plaid Hero App in your Salesforce environment, you can visualize if you have authorization for any applicant from a specific account. This finance Salesforce app allows you to send an authorization email from your company to any contact associated with an account or opportunity record without leaving the platform. You can send the email authorization that can be customized to meet your brand to as many contacts as you need at once and configure the template to come from any email address and any language. 

plaid salesforce app's email authorization

Step 2

The applicant will then be taken to an authorization screen, which can also be configured, whether they are using a phone or computer. Using the Plaid-powered app, the recipient will be able to select their financial institution from a list. Then, they will complete the authorization by entering their login and password, securely sharing their financial data with the app.

plaid salesforce integration steps to authorized

Step 3

Once the applicant submits the request, Plaid’s integration to Salesforce will notify the record owner about a new authentication. The user interface will display all institutions and all the accounts under that institution associated with the applicant that performed the authentication.

Plaid integration to Salesforce interface

Each account will provide a summary of the current balance information and then summarize transactional data as far back as 24 months. You will be able to see additional data points on Debit $, Credit $, NSFs, beginning and ending balances, negative days, and much more.

Plaid's Salesforce integration features

You can select a specific month and view the different transactions. It can be customized to flag specific transactions to alert you if they are from other lenders. You can also check individual transactions in detail.

Plaid's Salesforce integration detail feature

You can set up an analysis as soon as the information is pulled, and configure what you would like to be shown in the dashboard. It integrates bank accounts, identity names, identity addresses, identity emails, identity phone numbers in one dashboard. All the Plaid Hero custom objects can be easily related to the Salesforce standard objects. You can also embed the authorization in your online app or your portal. It is an easy-to-use interface.

Plaid Salesforce App configuration

Everything you need from Plaid integrated into Salesforce. Plaid Hero is the Salesforce App that will keep you better informed before releasing funds or making an informed underwriting decision.

Features and benefits of Plaid Hero include: 

  1. Direct integration between Plaid and Salesforce.
  2. Account and routing number authentication triggered from Salesforce.
  3. Bank Account Holder Identity Verification to avoid fraudulent activity.
  4. View up to 24 months of transaction data grouped by monthly statements.
  5. Summarize key metrics such as deposit count, deposit amount, NSFs.
  6. Auto calculates balances as additional transactions are fed.
  7. Perform real-time balance checks anytime.
  8. Build custom reports and dashboards on parsed data.

How to get started?  

Cloudsquare is a modern Salesforce Consulting Partner focused on strategic advisory, technical implementation, and business transformation servicing FinServ customers. We enable organizations to achieve maximum value with Salesforce, while providing support every step of the way.

If Plaid Hero sounds like something you can benefit from, and you are ready to get started or interested in seeing a demo, connect with Cloudsquare: Salesforce Solutions, Development, and Consulting and our talented team of experts to get started on learning more about how Salesforce and integrated applications like Plaid Hero can help your company advance and obtain access to even more information than you ever thought possible. 

“Plaid Hero makes it easy for a customer to authenticate and for a FinServ company to then instantly get a 360 degree view on their customers finances.”

Cloudsquare Salesforce expert 

Interested in seeing a demo or getting started?