Skip to main content

Plaid

Unit and Plaid have partnered to offer Unit clients the benefits of being connected Plaid's network of banks and services:

  • Plaid Exchange Integration - enables Unit clients to be discoverable and connected to the more than 5,000 apps and services in the Plaid network.
  • Processor Link Integration - help Unit clients to move funds between accounts on Unit and any external bank account.

Plaid Exchange#

Our Plaid Exchange integration will allow you to add your brand as an institution to Plaid’s open finance platform Plaid Exchange.

info

The Plaid Exchange integration is a hands-off integration, all you have to do is to provide Unit your brand name and logo (in SVG format, 152x152). Contact Unit if you would like to join Plaid Exchange.

Official Account Name#

On Plaid Exchange, accounts under the same customer should each have a unique official name, for example checking or savings. Unit will assign a name to each account by using the following values (in order of precedence):

  • plaidOfficialName tag on the account
  • purpose tag on the account
  • The depositProduct of the account

In order to control the official account name, set the plaidOfficialName tag to the name you choose. Please make sure the name is unique (within the same customer). If the name provided is not unique, Unit would add a sequence number as a suffix.

Plaid Link#

To get started, see add Unit to your app under the Plaid docs.

Once you authenticate an external bank account with Plaid Link, you can pass the resulting Plaid token to certain Unit API endpoints. Unit will then inspect the Plaid token for the full details of that external account (routing number, account number & more) and treat it as a counterparty in payments.

Unit API endpoints that can receive a Plaid token are:

  • Create a Counterparty with a Plaid Token: use this endpoint if you foresee making multiple payments to or from the external bank account. Unit will then create a counterparty representing the external account described in the Plaid token, and you can refer to it when creating all future payments.
  • Create an ACH Payment with a Plaid Token: use this endpoint if you foresee making just one casual payment to or from the external bank account. Unit will then create a payment with the counterparty being the external account described in the Plaid token. However, no linked counterparty resource will be created.

How-To Guides#

Below are common use cases for the Plaid integration and steps you'll need to follow to build them:

Helping a Customer Fund Their Account#

Example: you've just created a deposit account for an individual customer. You'd like to help them fund it from a bank account that they own on another institution (e.g. Chase).

Follow these steps:

  1. Use Plaid to authenticate the customer's account on Chase
  2. Create a counterparty with the Plaid Token
  3. Initiate an ACH Debit payment with the newly created counterparty to pull funds from Chase

Helping a Customer Withdraw Funds from Their Account#

Example: a business customer holds an account with you and wants to withdraw funds from it into a bank account on another institution (e.g. Wells Fargo).

Follow these steps:

  1. Use Plaid to authenticate the customer's account on Wells Fargo
  2. Create a counterparty with the Plaid Token
  3. Initiate an ACH Credit payment with the newly created counterparty to send funds to Wells Fargo

Helping a Customer Bill a Third Party#

Example: a business customer holds a deposit account with you and wants to bill a client that has an account on another institution (e.g. Bank of America) for an invoice.

Follow these steps:

  1. Use Plaid to authenticate the third party account on Bank of America
  2. Create a counterparty with the Plaid Token
  3. Initiate an ACH Debit payment with the newly created counterparty to pull funds from Bank of America

Helping a Customer Pay a Third Party#

Example: a business customer holds a deposit account with you and wants to pay a vendor that has an account on another institution (e.g. Bank of America)

Follow these steps:

  1. Use Plaid to authenticate the third party account on Bank of America
  2. Create a counterparty with the Plaid Token
  3. Initiate an ACH Credit payment with the newly created counterparty to send funds to Bank of America