header icon
Solutions
header icon
Products
header icon
Platform
header icon
Developers
header icon
Company
English
PLAID INTEGRATION | SIMPLIFY ACH TRANSACTIONS + ACCOUNT FUNDING

Plaid Integration | Simplify ACH Transactions + Account Funding

11 de agosto de 2020

Plaid’s tagline, “The easiest way for users to connect their bank account to an app,” explains exactly why a Galileo + Plaid integration is a match made in heaven.

Our complementary products mean a simpler and more secure ACH process for our mutual clients.​

By Egan Anderson, Head of Developer Experience, Galileo

Being able to transfer money easily and securely into and out of accounts is essential for the success of every digital banking product. As we at Galileo evaluated ways to make this process easier for our clients’ customers, we kept coming back to Plaid, whose product suite enables users to authenticate their bank accounts for ACH transfers.

Galileo’s and Plaid’s products couldn't be more complementary. Galileo enables its clients to create digital banking products and initiate ACH transactions. The only missing element is a way to connect an external bank account. Plaid's tagline, "The easiest way for users to connect their bank account to an app," explains exactly why a Galileo + Plaid integration is a match made in heaven.

After discovering that our admiration for Plaid was mutual, we set out to integrate our platforms, simplifying the ACH process used for account funding. This new integration provides the safest and easiest way to initiate ACH transactions and can help decrease our clients’ time to market.

The easiest way to initiate ACH transactions

Building a digital banking product is complex. Each seemingly simple feature requires multiple layers of security, third-party integrations and complex error handling. For example, before you load funds into your customer's account via an ACH transaction, you must authenticate that the external bank account belongs to your customer and ensure that its balance is sufficient for the transaction. Time spent developing these standard safeguards is time spent away from developing whatever it is that makes your product special.

Through the Galileo + Plaid integration, you can authenticate your customers' external bank accounts through Plaid's embedded module and then rely on Galileo to perform an additional identity verification, ensure the balance is sufficient for the ACH transfer and initiate the transaction. It's the easiest and most seamless top-to-bottom account funding process you'll find. Since we've abstracted much of the busy work out of the process, your team is freed up to focus on your core product.

Built to be more secure

When building any type of app, a good rule of thumb is to handle as little personal identifying information as possible. Doing so protects your customers and reduces your security liability. The Galileo + Plaid integration keeps your customers' sensitive information secure by keeping it off your systems and ours.

When your customer authenticates an external bank account, you don’t need to handle that account's routing and account numbers or balance. Instead, Plaid provides you with a token that you pass to Galileo upon adding a new ACH account. Galileo uses that token to obtain the account's information directly from Plaid, cutting out the middleman--you.

Decrease your time to market

The creation of a digital banking product typically involves the close collaboration between a tech company and a partner bank. Because the product acts as a new user interface to the bank, the bank must ensure that it is compliant and secure, and that risk is mitigated. For ACH, this includes verifying that all external bank accounts are authenticated before a transaction is initiated.

But the back and forth of manual reviews takes time. When you use the Galileo + Plaid integration, it’s easier to verify that the accounts are being authenticated correctly because the authentication is built into the process of obtaining the token required to add the ACH account. This is particularly important for Galileo Instant, which offers a faster time to market, in part, by minimizing the number of items that must be manually reviewed by the bank.

Try it for yourself

We’ve worked closely with the amazing team at Plaid to build this new integration. If you're looking for the easiest and most secure way to initiate ACH transactions while reducing your time to market, we’d love to work with you. Please reach out with questions, to give feedback or to request access.

Contact us!

Related:

Galileo does that! ACH Processing

Galileo Integrates with Plaid to Simplify ACH Transfer Setup

Visit Plaid documentation

Recap
12 de junho de 2024

Por qué Colombia debería estar en el radar de todas las fintech

Colombia’s evolving fintech sector is ripe with opportunity; explore the stats behind the boom and key developments to watch in our new Fintech Radar report.

See More
Platform
11 de junho de 2024

3 Priorities for FIs as Banking Transforms in 2024

New research from Galileo and Datos Insights reveals how consumer banking behaviors are changing–and how financial institutions must transform to compete with digital challengers and remain relevant as the industry evolves.

See More
Platform
5 de junho de 2024

3 Reasons Why Brands Should Diversify Revenue with Financial Services

The time is now for non-financial brands to meet the booming demand for financial services, driving new revenue streams, deeper engagement and transformative growth.

See More
Platform
4 de junho de 2024

3 Ways Banks and Fintechs Can Diversify Revenue Streams

Consider 3 ways banks and fintechs can diversify revenue streams through in-demand products, new and existing channels and new high growth geos and segments.

See More
Spotlight
24 de abril de 2024

How Mo and Galileo Are Paving the Way for All Types of Credit

Learn how Mo Credit Management Platform, in partnership with Galileo, is transforming credit management across Latin America. With a focus on innovation and accessibility, they offer competitive, scalable credit products, from microloans to credit cards.

See More