back Back

Astra & Plaid team to launch instant authenticated payments

By Delisha Fernandes

September 01, 2023

  • Astra
  • deposits
  • Digital Finance
Share

Astra, Plaid, instant transfers, FinTech products, deposits, instant transfers, digital finance, property management, FinTech news, FinTech USAAstra, an infrastructure provider for faster payments, has extended its partnership with Plaid, a data network powering the digital financial ecosystem, to provide a unified solution for securely embedding instant transfers into FinTech products.

Plaid enables fast and secure identity verification experiences, allowing businesses to verify trusted customers while assessing risk to prevent fraud in seconds. Plaid Identity Verification provides global coverage, as well as a robust anti-fraud engine that helps consumers access financial services quickly and safely.

“All consumer experiences are trending towards faster, on-demand funds availability across deposits and withdrawals, but faster settlement comes with increased risk. By combining the powerful technology of Plaid Identity Verification with Astra’s flexible APIs for real-time payments, developers can now easily make that user experience a reality with built-in, best-in-class security,” said Gil Akos, Astra CEO.

With Plaid, developers gain one configurable solution to verify identity globally against authoritative data sources, authenticate ID documents, confirm liveness, and assess risk, including signals such as behavioral biometrics, device, network, and synthetic identity risk to name a few.

Astra simplifies the process of creating and sending debit transfers, making it easy for businesses to manage the lifecycle of payments. The platform is PCI-compliant and it scales efficiently for product, compliance, and operations teams, making it a convenient solution for enterprises across industries.

Astra currently leverages Plaid’s payment authorization APIs (Auth, Balance, Identity) to facilitate bank-based payments. The addition of Plaid Identity Verification provides a complete solution for identity verification, payment authorization, and payment processing.

“By pairing Plaid Identify Verification with the payments technology offered by Astra, our joint customers will be able to onboard users and spin up real-time transfers in the same session,” said Tamara Romanek, Head of Partnerships at Plaid. “We are excited to extend our long-standing partnership with Astra and bring this combined offering to customers.”

Combining the technology of Plaid Identity Verification with Astra’s payment capabilities will transform user experiences in applications where faster time-to-money is critical and, because developers do not have to build the entire product stack from Identity to Payments, this partnership will accelerate the timeline for bringing new products to market.

Previous Article

September 01, 2023

FundBank taps Profile Software tech to manage Custody operations

Read More
Next Article

September 01, 2023

GO Markets & Currencycloud team to streamline global trading experience

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

Astra

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 24, 2024

PPRO and Afterpay team to bring BNPL solution to US consumers

Read More

May 24, 2024

Boodil launches innovative Travel Payments Platform

Read More

May 24, 2024

heymax & Visa team to simplify Credit Card rewards experience

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023