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Plaid announces new partnerships to combat fraud

Thursday 28 March 2024 12:43 CET | News

Plaid has announced its partnerships with Sandbox Banking and RealPage in order to prevent fraud across several markets and ensure a more secure customer experience. 

As customers around the world are increasingly turning to digital and modernised solutions in order to manage their finances, it is important for financial institutions to be properly equipped in order to protect them. With this in mind, Plaid has announced two new collaborations which focused on delivering a client-centric approach to finances, while also prioritising the process of eliminating fraud and developing the overall financial services ecosystem. 

 

Plaid has announced its partnerships with Sandbox Banking and RealPage in order to prevent fraud across several markets and ensure a more secure customer experience.

More information on the Plaid and Sandbox Banking partnership

The trailblazing provider of banking automation solutions that accelerate digital transactions through their Integration Platform as a Service (IPaaS), Sandbok Banking is expected to combine its expertise and suite of solutions with Plaid, a data network that focuses on the development of the digital financial ecosystem. Both firms are expected to strengthen automated identity verification processes and address key challenges in the overall financial industry. 

The collaboration will also focus on integrating the proprietary Customer360 module and client experience workflows from GlyueTM with Plaid’s Verification tool. By leveraging Plaid’s products, Sandbox Banking will provide financial institutions and banks with a comprehensive and secure suite of services in order to improve member engagement, mitigate risk and fraud, as well as fortify account security as credit unions invest in multiple digital banking and development plans. 

Plaid will incorporate its Identity Verification capabilities with Sandbox Banking’s proprietary Customer Experience workflows. The financial institutions aim to design an efficient ecosystem that integrates the Virtual Call Center, IVA (intelligent virtual assistant), and IVR (interactive voice response) with a safe and efficient core banking software. In addition, account holders will experience more secure authentication processes, which will contribute to improved customer trust and overall data security. 

Customer360 will continue to integrate client data across platforms, which will ensure real-time updates while Plaid Identity Verification will strengthen onboarding processes. This is set to prevent identity theft and ensure a secure account creation procedure. In addition, other opportunities will include data syncing for optimised risk detection, secure account verification in real-time, as well as ongoing monitoring and fraud prevention offerings. 

More information on the Plaid and RealPage partnership

Global provider of software and data analytics to the real estate industry, RealPage partnered with Plaid to launch two prop-tech offerings. The new tools were designed in order to combat increasingly well-organized rental fraud in the multifamily industry. The offerings are expected to be available with the company’s OneSite and On-Site leasing and property management solutions, which use the technology from Plain in order to meet the needs, preferences, and demands of its customers and members. 

The two solutions are entitled RealPage Identity Verification – Premium and RealPage Income Verification, and they were developed in order to offer improved protection for clients. The services were integrated into the existing leasing procedures, which made the overall adoption easier for staff and more efficient for applicants. Key offerings included in those two solutions are optimised result transparency, data from the source, improved user experience, expansive identity coverage, as well as a safe anti-fraud engine. 

The partnership will enable property managers to access improved fraud prevention tools, which will scan across multiple risk and fraud vectors in order to stop bad actors from applying to become tenants. The incorporation of Plaid’s suite of services will give clients the possibility to detect fraud early in the process by providing them with multifaceted verification across data, documents, biometrics, and devices. This procedure will take place by leveraging artificial intelligence and machine learning capabilities, and also streamlining the sign-up process. 

RealPage Identity Verification – Premium and RealPage Income Verification are expected to be made available to customers and individuals in Q2 2024. 


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Keywords: partnership, product launch, fraud management, fraud prevention, fraud detection, online fraud, identity theft, identity fraud, identity verification
Categories: Fraud & Financial Crime
Companies: Plaid, RealPage, Sandbox Banking
Countries: World
This article is part of category

Fraud & Financial Crime

Plaid

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RealPage

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Sandbox Banking

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