Anthony Westmoreland’s Post

Plaid coming in hot with a one two punch. 🥊 💥 ⛁ 🏦 Some data aggregators currently compete through minor differences such as coverage, reliability, etc. However, I firmly believe that regulations like 1033 and organizations like the Financial Data Exchange, which are steering towards standardization, will eventually commoditize data aggregation as it relates to open banking. The differentiator will soon shift from the aggregation of data to its application. This is the path Plaid appears to be following. 1. Adyen partnered with us to enhance bank payments, enabling consumers to pay directly from their bank accounts and streamline the payment process. https://lnkd.in/gdnmMubW 2. Michael Saunders, GM of Credit at Plaid, announced the company's plans to establish a new entity that will function as a consumer reporting agency. Disrupting the oligopoly in this space. https://lnkd.in/gcaeFRbz I wonder what other data aggregators in this space are currently developing. #dataaggregation #openbanking #openfinance

The landscape of international online payments is moving away from credit and Plaid is laying the foundations to capitalize on it. - Internationally, people don't like to use credit cards in general - Gen Z also doesn't use credit cards By launching "Pay-by-bank", they're able to offer a debit-based payment system which is cheaper than the traditional 3% credit card processing fee. But the most interesting part is how they built it on top of Plaid Signal, which predicts ACH risk return, to ensure a high payment success rate. We're watching Plaid evolve from just a connector to a payments platform in real time. Super impressive.

Amazing founder lesson from Plaid CEO and Co-Founder Zachary Perret: Sometimes, the need for your product is so strong that the market can PULL you in a certain direction. Plaid was born out of the 2008 Great Financial Crisis / Occupy Wall Street. But the first version looked a LOT different than what it is today. Zach and his team initially set out to build an app that helped consumers manage spend. But they learned two hard lessons really fast: 1) when you tell users to STOP doing things they enjoy, they churn 2) getting data from banks was immensely hard That second point is the important one. Plaid started building banking integrations for their consumer spending app. According to Zach, they never considered going B2B. Until one day, a friend of Zach's came to him and said: "Your app is really dumb, but can I pay you to license your backend?" The rest is history! #b2b #banking #fintech #plaid #marketpull

Exciting news! Knot has teamed up with Plaid, a Knot investor, as a preferred referral partner for card-on-file switching. With Knot's CardSwitcher™, users can set their credit or debit cards as the default payment across 100+ online merchants with just a few taps. Plaid customers can now import transaction history into Knot's SDK for even more seamless card switching ✨. This partnership aligns perfectly with our mission to create a user-centric financial ecosystem. Plaid's Transaction History, combined with Knot's CardSwitcher™, offers solutions for card issuers, merchants, and consumers. 🏦 Card Issuers: Achieve quick and efficient top-of-wallet placement 🏪 Merchants: Reduce transaction declines and improve customer retention by preventing involuntary churn 🏡 Consumers: Gain control over where cards are stored and how payment information is shared Thanks to Plaid for believing in our vision. Link in the comments for the full press release. If you want to utilize Plaid's Transaction Data with Knot, feel free to reach out!

Great article by Plaid on what paying by bank, or pay by bank transfers means, and why this could be the next big thing beyond paying by cards. It walks through: 1. What is pay by bank 2. Benefits 3. Are consumers ready (this is a big one) 4. Challenges 5. Incentives to encourage adoption Comment or like below if you would like to see a similar article in the context of Singapore and Asia (i.e why paying by PayNow/PayLah!/eGIRO, or UPI/PromptPay/DuitNow/FPS is poised for success). https://lnkd.in/gtJNR5iQ (h/t Jean-Denis Greze for sharing the article, and the wonderful Tom Sullivan for writing it).

A quick example, take Zelle® , the story of Zelle starts back in 2012 or so when the banks felt they were losing out on profits because of real innovators, the tech companies like PayPal and Square and Venmo. And after the whole Plaid fiasco the banks were forced to give API access to these tech companies, but that is a whole other story we can discuss later, but I digress. So as with proper competition each bank tried to build their own money transfer product to compete (not really though because it was all powered by the same entity, but again another story for another time). For example Chase had Chase pay, Wells Fargo had SurePay, Bank of America had SafeSend, on and on (it's no wonder they failed, every single one of those names is terrible branding). Every single one of them flopped on their face. Banks don't know how to market or innovate, but you know what they know how to do, team up and spend a lot of money and copy other's innovations. So these "competitors" got together in a dark room, hidden behind the puppet that is Early Warning®, and they hatched a plan to take on the innovators...

For helpful insight about when Square, Stripe and PayPal are a good fit for your business, check out a recent YouTube post I created on my channel @pamelaismypartner https://lnkd.in/gkJySV5s

🙌🏻 Let's take a broad-strokes look at the key features of Stripe, Square and PayPal so you can get a sense of what each tool brings to the table. 💸 💳 Need to start your business easily? Meet Clemta 👉 Clemta.com #LLC #incorporation #smallbusiness

Hey so do you seen plaid? If not you might want to look at the data plaid can consistently pull for merchants and landlords that use plad! here is the github with examples of the information they offer! https://lnkd.in/gQ_S5PFN make sure to clear authorized data sharing applications in your bank settings.

Consumers are ready for change. All that's required is presenting instant payments in the right way to them. #InstantPayments #Innovation #Payments