Consumer Finance

Plaid Adds Credit Card Data To Liabilities Product

Liabilities support for credit debt

Plaid said today (Sept. 18) that it is releasing new developer tools to combat credit card debt.

The company launched its new Liabilities product in July, which provides developers with access to real-time information about what consumers owe, starting with their student loans. These new tools will enable developers to keep building better debt management solutions.

In addition to student loans, developers can retrieve real-time information about credit card accounts to help borrowers understand their financial obligations, consolidate debt across accounts for more favorable terms, and pay down balances faster.

Once consumers connect their credit card account(s), developers can gather the annual percentage rate or APR type, APR percentage, interest charge amount, and balance subject to APR; the last payment date and amount, next payment due date, minimum payment amount and more; and the last statement balance, issue date and credit limit.

The money-saving app Charlie, which uses artificial intelligence to send financial alerts to consumers, has been an early beta tester of the new tools.

“Staying on top of your credit card payments is a foundational element of financial health. Plaid’s credit card data allows Charlie to meet this central user need. It was nice to get APR details for standard purchases, cash advances, and balance transfers separately. Most users do not know there is a difference and are often surprised,” Ivo Parashkevov, co-founder of Charlie, said in an emailed press release.

This new release follows Plaid’s announcement last week that has received undisclosed strategic investments from Mastercard and Visa. The investments were part of a previously disclosed $250 million Series C funding round that took place last year. The total to date, according to Plaid, comes to $310 million, with an implied valuation of $2.6 billion.

Plaid said it works with more than 15,000 banks and “powers 80 percent of the largest FinTechs to deliver better digital services to their customers. … As a network-based company, there is a lot of opportunity and potential to align with both Visa and Mastercard, moving forward, worldwide.”


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.