Payments business Plaid is launching new features to help FinTechs fight against fraud.
It’s partnered with ID verification company Cognito.
The verification capabilities will be integrated with Cognito’s bank account linking feature.
Now, data like drivers’ licences and selfies can be used to verify who customers are.
What does this mean?
Users of FinTechs that integrate Plaid will now see new features to verify their ID and connect their bank account. As Forbes points out, Plaid is also going to be collecting much larger amounts of data with this new addition.