Layer and Plaid Streamline Onboarding for Financial Services

Layer, in partnership with Plaid, has developed a novel solution to streamline and expedite the registration process for financial services. By collecting a user's phone number and utilizing Plaid's extensive network, Layer enables efficient linking of bank accounts and identity verification. This integration has the potential to decrease the time required for user sign-up by nearly 90%. Combining robust security practices with its expertise in anti-fraud and Know Your Customer (KYC) solutions, the process begins with the collection and dissemination of a user's phone number. Layer then determines whether the user is present in the Plaid network and if their stored information meets the onboarding requirements, presenting Layer to the user only when both conditions are satisfied.

This unified approach enables tens of millions of Plaid users to expedite the onboarding process for a variety of financial services, including applying for loans, financing accounts, and making payments. Layer dynamically adjusts to the preferences of the onboarding process, allowing customers to specify whether information is mandatory, optional, or superfluous. Plaid Portal provides users with complete authority over their data and access to Plaid's consumer support team. Layer is now accessible to all Plaid users on desktop, Android, and iOS platforms, revolutionizing the way individuals interact with financial services. This integration represents a significant advancement in making financial service registration faster, more secure, and user-friendly.

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