Plaid Integration for External Accounts

We are pleased to partner with Plaid to provide your customers with a simpler and secure way to authenticate external financial accounts. When your bank contracts to use Plaid Authentication, users no longer have to wait for challenge deposits to process or manually enter account and routing numbers when setting up an external account in Digital Banking.

For more information about the benefits and pricing for the Plaid product, please reach out to your Relationship Manager. Details on how Plaid Authentication is enabled for your bank and the end-user’s experience are included below.

Contents

  1. Plaid Authentication Setup with CSI
  2. End User Experience
    1. Add a New External Account Via Plaid

Plaid Authentication Setup with CSI

Once your bank has decided to take advantage of Plaid Authentication, our CSI Digital Implementations Team will reach out to schedule a time for enabling the feature.

For your reference the feature setting is shown below: Bank Settings Main-Tab > Account Sub-Tab 

External Account Verification

  • Deposit Challenge + Plaid: This was the original setting and is still a valid option. 
  • Plaid: Plaid can be used as the sole verification method for both external accounts and/or external funding. When set by your bank, the user will only be presented with the Add Instantly account linking option. The Transaction (Deposit) Challenge method will no longer be available for selection. To establish Plaid as the sole verification method, set the External Account Verification and External Account Funding Verification fields to "Plaid."

 

End User Experience

Add a New External Account Via Plaid

  1. Plaid Authentication is integrated with the Add New Account, Account Funding Via Transfer, and New Transaction processes:
    1. From the Add a New Account process, select the Add icon on the Accounts tab > My Accounts screen.


      -OR-
    2. From the Account Funding Process, Select Transfer Funds, then the Account field, then choose Add New External Account at the bottom the screen.


      -OR-
    3. From the New Transaction process, select the New Transaction link on the Move Money tab, then select the Add New Payee link on the Choose a Recipient screen.

 

  1. The Add New Account screen will display:
    1. Select External Account.
    2. Select Add Instantly. The Plaid interface will open, notifying the user that Plaid will connect to the external account.
    3. Select Continue.
  1. The Select Your Bank window will be displayed.
    1. Search for and select the bank associated with the account you want to use for funding.
    2. Enter the login credentials for the bank associated with the external account you want to use and select Submit.
    3. Plaid will connect with the external institution. All available external accounts associated with the selected bank will be displayed. Select Continue.

 

  1. A success window will be displayed. Click Continue to return to the Move Money tab. The new account(s) will be displayed in the My Payees section and available for use.