Checkbook.io, a specialist in processing push payments, has forged a partnership with Plaid, a data transfer network that powers fintech and digital financial tools.
Under this partnership, the customers of Plaid can instantly verify their customer accounts while making payments, using Checkbook’s payment rails.
The partnership offers an instant account verification (IAV) solution to businesses.
This tool allows businesses to verify and validate users’ bank account information and transactions within seconds, with consumers’ consent.
The solution allows users to link their accounts to digital finance tools and app.
Checkbook can provide IAV through Plaid to its clients, allowing them to connect customer accounts for making real-time payments accessible to more people.
This will help boost onboarding, KYC and help mitigate fraud, noted the company.
The accounts payable (AP) automation software provider for invoice processing Stampli is the first client to be onboarded with the IAV integration.
Stampli VP of product Shane Hamby said: “I cannot think of the last time we moved to a new payment system and were able to seamlessly integrate with the API.
“Security is paramount in our business and being able to use existing Plaid tokens was a big attraction.
“Knowing that Checkbook and Plaid’s integration will tighten security makes this a no brainer for us.”
Checkbook founder and CEO PJ Gupta said: “Our partnership with Plaid is a massive step in the direction of seamless customer experience for Checkbook’s clients.
“Simplicity and ease of use is our biggest asset and this latest development helps our clients seamlessly get started with Checkbook.”
Notably, recently, Visa and Plaid terminated their $5.3bn merger agreement following a lawsuit filed by the US Department of Justice (DOJ) to scrap the deal.