Checkbook, Plaid work together for enterprise onboarding

This partnership will enable Plaid’s customers to use Checkbook’s payment rails to instantly verify their customer accounts when initiating payments. Via this collaboration, Checkbook clients will be allowed to connect customer accounts for sending payments. 

Instant account verification (IAV) enables businesses to verify, with consumer permission, the validity of any user’s bank information and source of funds within seconds. Offering IAV through Plaid is expected not only to speed up company onboarding but will also aid stronger KYC and fraud mitigation, IBS Intelligence reports.