NorthOne partners with Plaid

Monday 10 July 2023 13:46 CET | News

Small business banking app NorthOne has partnered with US-based data network Plaid to improve cash flow controls for SMEs customers and clients.

Following this partnership, small businesses and companies that are using NorthOne will be given the possibility to link all their financial accounts in a secure and efficient manner. This is set to happen by using Plaid for improved transfer capabilities and offerings, in order to avoid overdraft fees and to enable more complex treasury functions and features. 

The aim of the collaboration is set on facilitating a healthier and more balanced cash flow, especially in a slowing macroeconomic environment. As many customers of NorthOne faced challenges and difficulties with hidden fees, transfer delays, as well as disconnected services, the company focuses on providing them with Plaid’s Auth, Identity, and Balance solutions. By leveraging them, small business owners will be given the possibility to directly connect NorthOne to their other financial solutions and applications, which enables them to transfer funds between accounts in an efficient and secure manner. 

Small business banking app NorthOne has partnered with US-based data network Plaid to improve cash flow controls for SMEs customers and clients.


More information about the partnership

NorthOne will have the needed visibility to keep small business owners protected from expensive non-sufficient funds (NSF) and multiple overdraft fees. By being able to verify account balances before initiating transfers, NorthOne will be allowed to know if a customer’s available funds are enough for covering the payment, as well as to alert them before incurring a potential fee. Furthermore, this deal allows NorthOne to verify customers’ identities, link bank accounts instantly, as well as facilitate improved ACH transfers between their accounts. 

By combining NorthOne’s recent real-time payment launch with the products offered by Plaid, the new cash flow controls represent a step into NorthOne’s vision for a comprehensive financial management platform, a service that can be leveraged by companies in the process of developing their core business. 

Plaid’s recent partnerships and product launches

US-based data network Plaid had multiple partnerships and product launches in the last couple of months, covering several geographic regions around the globe. 

In June 2023, Plaid launched Beacon, an anti-fraud network addressed to fintechs and financial institutions. The offering was designed with the aim to put an end to the ongoing cycle of fraudulent activities that stemmed from identity theft and compromised accounts. Beacon used a set of APIs that enabled real-time and secure information sharing through the ecosystem, in order to reduce recurring fraud targeting companies, safeguard customers, and create a safer and more efficient digital finance ecosystem. 

Earlier in the same month, Plaid introduced its new identity verification service, based on a `verify once, verify everywhere` system. The goal of the experience was set on allowing customers to fast-track verifications across Plaid-powered applications and solutions, without sacrificing KYC compliance for digital finance. 

Prism Data announced its partnership with Plaid in May 2023, focusing on improving the way businesses analyse and use customer-permissioned Open Banking data in order to underwrite clients. 

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Keywords: partnership, banking, online banking, digital banking, mobile banking, financial services, financial institutions, cash flow
Categories: Banking & Fintech
Companies: NorthOne, Plaid
Countries: United States
This article is part of category

Banking & Fintech




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