Plaid launched a real-time income and employment verification product Tuesday targeting mortgage originators, credit unions, and auto lenders. The product connects directly to payroll systems covering 94% of U.S. W-2 employees, returning verified income data in under 3 seconds.
The product competes directly with Equifax's The Work Number, which has dominated employment verification for decades but charges per-pull fees that mortgage brokers say inflate origination costs. Plaid is pricing at a 40% discount to incumbent verification services.