Mission Lane expands its partnership with Plaid

The expanded partnership leverages Plaid’s Open Finance API data connectivity solution, which allows customers to securely connect their Mission Lane branded accounts to more than 7,000 apps and services powered by the Plaid network, such as digital payments and financial planning and investment tools to help them improve their financial outcomes.

The expanded partnership with Mission Lane will help millions of customers securely connect their accounts to the apps and services which will help those customers build the credit they need to lead healthier financial lives.

The advantages of the partnership

Plaid and Mission Lane have a shared vision to advance financial access to all. With the partnership, Mission Lane now utilizes more than ten Plaid solutions and services to help realise this mission, including:

• Plaid Assets, which enables customers to provide Mission Lane with information that can paint a holistic picture of customers’ financial lives, allowing for better-informed credit decisions for those traditionally shut out from financial services.

• Plaid Signal leverages over 1K risk factors enabling Mission Lane to reduce ACH return rates and help customers avoid unwanted fees from financial institutions.

In addition to Assets, and Signal, Mission Lane also leverages Plaid’s Investments, Liabilities, Transactions Refresh, Transactions, Auth, Identity and Balance solutions across the various products it services.

Plaid’s recent partnerships

Only this year, Plaid closed two partnerships. In January 2023, Payjunction integrated with Plaid to simplify ACH enrolment, reduce fraud, and save money. Integrating Plaid’s secure account-to-account (A2A) bank connectivity technology with PayJunction’s payment gateway will allow B2B and B2C businesses to easily extend to their customers a simple way to pay for goods and services via direct bank transfer, whether online or via invoicing. PayJunction routes the transactions via the low-cost ACH processing rails, which can result in significant savings versus payments made with credit and debit cards.

One month later, in February 2023, Plaid partnered with identity provider Okta to help financial institutions accelerate Open Finance initiatives and adopt OAuth and APIs to exchange data with third parties. Following this collaboration, banks and financial services companies are enabled to build OAuth integrations and adopt secure API connectivity for US consumers in an expedited manner, thus offering the financial services ecosystem a safe way to have their Open Finance initiatives accelerated and ‘seamless’ connectivity delivered.