Vikar Technologies taps Plaid for account funding and ID verification

Vikar Technologies is integrating Plaid’s data network into its platform to streamline how community banks and credit unions handle lending and account opening. For retailers and operators, this is a signal that smaller, local lenders are gaining access to the same high-speed digital tools used by big fintech firms. The partnership focuses on automating identity verification and instant account funding, which are the two biggest hurdles in the consumer financing journey. When a customer applies for financing at your point of sale, friction during the 'know your customer' (KYC) phase often leads to abandoned carts. By using Plaid’s technology, Vikar-powered lenders can verify a customer's identity and link their bank accounts almost instantly. This reduces the need for manual document uploads and waiting periods. For your business, this translates to faster approvals and more reliable funding. It also means that local banks—which often offer more competitive rates than national BNPL providers—are becoming more viable partners for real-time retail financing. As these digital capabilities spread to community lenders, merchants will have more options to provide diverse, stable financing sources to their customer base without sacrificing the speed of the modern checkout experience.

Source: Finextra — Lending

← Return to the library· Submit a correction