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Plaid vs Finicity: Which is best?

Heron doesn't offer account aggregation but 75% of our customers do leverage account aggregators in order to provide world-class financial services. We are often asked to recommend the best API to get bank transactions, so we want to share the feedback we hear on the different options.

Here we'll be comparing Plaid against Finicity. Both providers are ideal for a US consumer connections use case. However, there are some differences.

The pros of Plaid are:

  • Great coverage
  • Industry standard
  • Most trusted by customers

However there are some drawbacks:

  • Consumer focused; not great for SMBs
  • Can't connect to some key institutions. Regular issues with Capital One and American Express.
  • Keeping connections live is a lot of work

And the benefits of Finicity are:

  • Good coverage
  • Second largest player after plaid

But again there are some drawbacks:

  • Consumer focused; not great for SMBs
  • Keeping connections live is a lot of work

No account aggregator has perfect coverage and great connectivity. When selecting your first vendor, it probably makes sense to go for the one with the best coverage for your target population (coverage varies between business and consumer accounts). If all goes well and you end up building a big business you should be ready to build software to:

  • Ask customers which institutions they want to connect to
  • Route your customers to different account aggregators based on the institution they select
  • Have a hierarchy e.g. Plaid, Finicity as a fallback, and Yodlee as a reserve

We specialize in normalizing and deriving insights from raw transaction data pulled from any aggregator. So if you would like tailored recommendations of what provider to choose, book a demo.