Today In Digital-First Banking: Plaid Introduces ‘All-New’ Plaid Link; Venmo Rolls Out Credit Card

In today’s top news in digital-first banking, Plaid has debuted an “all-new” Plaid Link to bolster onboarding, while Venmo has introduced a credit card issued by Synchrony and powered by the Visa network. Plus, the Singapore Banking-as-a-Service (BaaS) firm RootAnt has concluded a seed round with $1.46 million.

Plaid Unveils ‘All-New’ Plaid Link to Enhance Onboarding

Plaid has unveiled an “all-new” Plaid Link in a move that offers a simpler and faster onboarding experience. The firm said it is introducing a simpler flow for returning users that could reduce the number of steps it takes for them to connect accounts. An individual who has connected their financial accounts with the firm previously has his or her financial institution shown when signing up for a new app.

Venmo Launches Credit Card Featuring User QR Codes

Venmo has debuted a credit card issued by Synchrony and fueled by the Visa network. The Venmo Credit Card allows Venmo’s over 60 million clients to shop, share or divide purchases and earn cashback everywhere Visa cards are accepted. It showcases cashback without intervention on qualified purchases, as well as the ability to supervise the card in the Venmo app. A client’s special quick-response (QR) code is printed on the front of every card.

RootAnt Ends Seed Round With $1.46M for Expansion

RootAnt has reportedly concluded a seed round with $1.46 million. Linear Capital served as the head investor, while additional assistance came from KZM & Company Group. RootAnt intends to grow in Singapore and also to the remainder of Southeast Asia and Japan with the new investment. The company seeks to allow banks and non-bank financial institutions (FIs) to integrate innovative procedures, such as embedded financing, to enhance client experiences.

Nacha Adopts New Rules to Modernize ACH Payments

Nacha has adopted eight new amendments that will assist in modernizing their payment style. The amendments are related to the Same-Day Automated Clearing House (ACH) and new methods of making ACH payments simpler to utilize. In September, Nacha offered new resources for cybersecurity and voice payments.