Plaid
Learn about our Plaid integration
is a third-party provider of banking services with connectionsConnection A link between a Codat company and a data source (like an accounting platform). Each connection represents authorized access to pull or push data from that platform. to bank accounts at over 11,000 financial institutions across the US, Canada, UK, and Europe. Plaid's services are regulated in the UK by the Financial Conduct Authority (FCA).
Our banking integration with Plaid lets you securely connect to and retrieve your SMBSMB The primary customer segment that Codat helps businesses serve, typically companies with annual revenues under $500 million. customers' banking data in a standardized format.
You'll automatically gain access to any new financial institutions that Plaid adds to their platform.
The following banking data is available through the integration:
Within our Plaid integration, we support Instant Auth, and enable the fallback to Instant Match as standard where Instant Auth is not available. These functionalities provide credential-based login for almost 7,000 financial institutions.
Data mappings between Plaid and Codat
Plaid's pricing tiers give you access to specific products from your configured banking data sourcesData source An external platform (such as QuickBooks, Xero, or a bank) that Codat integrates with to pull or push financial data.. You need to have all of the Plaid products from the following table enabled and available for use within your Plaid account:
| Codat data type | Associated Plaid product |
|---|---|
| Bank accounts | Auth, Identity, Institution |
| Bank transactions | Transactions |
| Bank account balances | Asset Reports |
| Bank Transaction Categories | N/A. These categories are provided by Codat's categorization model and do not use Plaid's categories. |
SyncSync The process of fetching the latest data from a connected data source. Syncs can be triggered manually or run automatically on a schedule. Settings for Plaid
Because Plaid charges per APIAPI A set of rules and protocols that allows different software applications to communicate with each other. Codat provides APIs for accessing financial data from accounting, banking, and commerce platforms. call for some endpoints, we recommend syncing data for Account balances no more frequently than daily. You may also wish to only syncSync The process of fetching the latest data from a connected data source. Syncs can be triggered manually or run automatically on a schedule. other data types on demand, rather than on a schedule to reduce associated costs.
If you need to access additional Plaid products, you can enable proxy access to additional banking data.