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How Plaid Helps Customers Securely Connect Financial Accounts

By 07.21.23
Reading time: 3 minutes

According to Plaid’s third annual Fintech Effect report, consumers rank convenience (54%) and security (38%) as the top factors impacting their decision to adopt a new fintech app. Consumers feel more secure when a fintech app asks them to verify their identity (70%) and prefer them over apps that don’t (80%).

Silverline partner Plaid makes it easier for consumers to securely connect their financial accounts to the fintech services they choose. Plaid supports over 12,000 financial institutions, and many of Silverline’s clients are already using Plaid to prevent fraud and improve security. 

Here we share how Silverline collaborates with Plaid and how the fintech partner can help financial institutions provide authentication and security across the account opening workflow.

What is Plaid?

Plaid provides financial institutions with the ability to connect securely to other financial institutions and public data sets to verify and transfer financial data. In an account opening situation, Plaid helps a bank validate who a person is, connect the accounts, and then move money from one bank to the other. 

The Plaid platform is the go-to standard for all types of financial institutions for customer or member account openings. Wealth and asset management, insurance, banking, and credit unions use it for initiatives such as opening a wealth, checking, or savings account. Anywhere you need to connect multiple financial institutions in one place, Plaid is your go-to. 

What are the core Plaid products and use cases?

The Plaid suite of products helps financial institutions onboard customers and members, create better and more accessible experiences, and securely navigate sharing bank information. A financial institution can leverage Plaid for all connection and verification activities. Link is Plaid’s core product, and when a customer opens a financial account, Link securely connects the customer’s old and new banks. Link works in seconds versus traditional methods that may take as much as five days. 

You can also use Plaid to validate that somebody is who they say they are. Plaid methods include data source, documentary, and liveness (selfie) verification, powered by a sophisticated neural network to combat fraud. After accounts are connected, Plaid can set up ACH transfers from any bank or credit union in the U.S. Plaid works with ACH processors, including Dwolla and Checkout. 

Plaid capabilities include:

Identify verification

  • Provide real-time identity verification during the onboarding experience and run KYC/ID Verification steps to prefill application details.
  • Provide this information back to Salesforce for status, results and verification history.
  • Initiate in-branch verification along with online.
  • Ongoing ID verification for in-branch transfers or significant transactions

Income and employment verification

  • During the application/qualification stage, automate income and employment verification to reduce documentation exchange. 
  • Allow for ongoing employment and income awareness, which assists with upsell, renewal, and income change alerts.
  • Next best offer automates “action plans”. Create actionable lists triggered from alerts and identify new opportunities.

Account linking

  • Link accounts for onboarding and obtain a view of other banking relationships.
  • Linked accounts show within the financial account summary, and indicate if they are not direct relationships with the FI.
  • Embedded within customer-facing or internal staff at branches.


  • Loan payments, recurring transfers, one time funding for new accounts.
  • Directly fund through bank experience, or leverage Plaid’s native SDK experience.
  • Risk authorization on payments/transfers.
  • Real-time ACH, RTP, and FedNow available. 

How does Plaid integrate with Salesforce and the Silverline Digital Account Opening Accelerator?

Plaid is leveraged in the Salesforce community portal on the digital front end. It helps to develop relationships built on trust and security with new customers and members as they interact with the financial institution’s products and services. 

Plaid integrates with Silverline’s Digital Account Opening Accelerator. Silverline designed and built the DAO Accelerator to fully automate the end-to-end digital account opening workflow built atop Salesforce Flow for Financial Services Cloud. 

Silverline’s partnership with Plaid isn’t limited to the DAO Accelerator. We also help clients use Salesforce to ensure that a financial institution’s customers and members have security and compliance when they are connecting financial accounts, onboarding new customers, and moving money.

Find out more about Silverline’s Plaid and Salesforce integration and how it can benefit your financial services organization.

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