Plaid’s instant switch process links a consumer’s payroll or employer account via Plaid Link. Staffers at firms big and small, as well as freelance workers, can access instant account funding. Plaid is also developing a backup process for consumers who can’t harness its instant switch process whereby consumers will have the capacity to request that Plaid reach out to their employer for them to revise their direct deposits without firms needed.
Keith Grose, head of the firm’s U.K. business, said the FinTech is concentrating on European expansion because of the high demand it observes there for payments services. “We’re growing our team of Brits and Europeans,” Grose said, according to a published report. “We are planning to aggressively scale the customers that we have and the volume of payments that we’re handling.”