Astra partners with Plaid

Wednesday 30 August 2023 08:07 CET | News

Astra has partnered with US-based data network Plaid in order to provide customers with instant authenticated payments via Plaid Identity Verification.

Following this announcement, clients and users will be offered a unified service that was designed for securely embedding instant payments and transfers into fintech products. The partnership aims to combine the technology of the Plaid Identity Verification tool with Astra’s safe and efficient APIs for real-time payments, as well as to give developers an easy way to improve the user experience and their overall privacy. 

Plaid is set to enable customers with identity verification tools, which will allow companies and businesses to verify their users while assessing risk to prevent any fraudulent action in a fast and effective manner. The Plaid Identity Verification will also be leveraged throughout the collaboration, with seamless coverage and its anti-fraud engine in order to give customers access to their desired financial services quickly and securely.

Moreover, developers will be enabled to gain one configurable solution for verifying individuals’ identity globally against any authoritative data sources, confirming liveness, authenticating ID documents, as well as assessing risk, such as behavioral biometrics, network, device, or synthetic identity. In addition, Astra will offer its suite of products for simplifying the process of developing and sending debit transfers, which makes the process of managing the lifecycle of payments easier for companies and businesses. 

Currently, Astra is allowed to use Plaid’s payments authorisation APIs (Auth, Balance, Identity) in order to facilitate bank-based payments. 

Astra has partnered with US-based data network Plaid in order to provide customers with instant authenticated payments via Plaid Identity Verification.

Astra’s recent partnerships and collaborations

Astra provides users and businesses with efficient and secure payment infrastructure, focusing on making faster transfers for fintech products, enterprises, as well as financial institutions. The company had several collaborations and deals in the last couple of months, covering different geographies. 

In July 2023, the company announced its partnership with US-based banking application for gig workers Moves, for offering real-time transfers to customers by using Visa Direct, a real-time push-to-card payments platform. Throughout this deal, Moves was given the possibility to provide its users with the ability to send and receive funds in real-time in a secure and effective way, giving them improved control and flexibility over their finances. 

By using the payment technology offered by Astra to integrate with Visa Direct, Moves was set to allow its clients to initiate real-time transactions and transfers directly to and from their Moves accounts. This incorporation aimed to provide gig workers with the ability to receive payments in real-time, eliminating the need for payment methods that can take more time to process. 

Earlier in June 2023, Astra collaborated with identity risk manager Alloy to streamline the onboarding process when already existing Alloy customers used Astra’s transfer technology into their application. 

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Keywords: partnership, product launch, payments , fraud management, fraud prevention, fraud detection, identity verification
Categories: Fraud & Financial Crime
Companies: Astra, Plaid
Countries: United States
This article is part of category

Fraud & Financial Crime




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