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Blog & Resources

June 30, 2022Highnote Partners with Plaid to Provide Frictionless Interbank Money Transfers

Highnote Team

The pandemic has brought companies to rethink their business models. More and more businesses are embracing embedded finance by adding financial services to their offerings. For companies that choose to become card issuers themselves, creating a frictionless user experience is becoming increasingly important to improve customer satisfaction.

We’re excited to announce that Plaid - a leading fintech company that builds a safer way for people to connect financial accounts to an app - is now partnering with Highnote to offer frictionless money transfers for card products powered by Highnote. Leveraging Plaid’s account auth and balance product, Highnote customers can now enjoy a seamless user experience without the need to ever handle an account or routing number.

Highnote customers now can not only take advantage of Highnote’s industry leading ACH origination and money movement capabilities, but also use the Plaid Link to instantly authenticate card holder’s account and automatically generate a Highnote Processor Token so that users can move funds between their card account(s) and external bank account(s).

Highnote customers can use the Plaid Link to manage input validation, error handling, and multi-factor authentication. Customers’ end users can use the Plaid Link to authenticate with their financial institutions and select the bank accounts they wish to use for payment transactions. Through this partnership, Highnote customer can quickly and securely verify a bank funding source via Highnote's API without having to store any sensitive banking information. It enables a seamless workflow for sending and receiving payments.

This partnership offers Highnote & Plaid customers the following benefits:

  • Gains in building a seamless user experience for bank account verification
  • Reduction in errors in inputting bank account information for money movements
  • Secure mechanism to transfer information without needing to store PII, PCI, or sensitive data at the customers’ end
  • Reduction in non-sufficient funds return scenarios with the ability to do real-time account balance check before originating an ACH
  • Highnote customers partnering with Plaid can get exclusive partner pricing significantly reducing transaction costs and total cost of ownership

Highnote strives to provide the best value for our customers. To learn more about our offerings, get in touch now.

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