2 min


Short guide: using Nordigen on top of Plaid data

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Why use Nordigen on top of Plaid data:

  1. Robust transaction categorisation
    Nordigen provides a transaction categorisation service with a simple category tree. The service identifies more than 120+ categories of transactions. 
  2. Deep insights for credit risk and lending
    Nordigen provides several insights products on top of categorised data, including IncomeLoansRiskSimple Score and Marketing.
  3. Great country coverage
    Nordigen provides valuable insights based on Plaid data in almost any market you currently use Plaid or plan to use it.
  4. Enterprise features: more advanced models and visual dashboards
    Nordigen offers a list of Enterprise-level features including advanced credit scoring models and predictive features for data scientists as well as visual dashboards for credit risk specialists. 

Step 1: get bank data with Plaid

Plaid provides an account aggregation service that includes acquiring consent from end-users, connecting to their bank account and acquiring the end-users account information. According to Plaid's API documentationthe output file from Plaid is JSON that contains raw bank account data, i.e end-user's transaction history. 

Step 2: enrich bank data with Nordigen

Nordigen provides a set of products that can be used on top of default Plaid data Nordigen API. To integrate with our API, you can follow our short integration guide or dive right in to our developer-friendly API documentation.

The Nordigen products that can be used on top of Plaid data include:

  • Transaction Categorisation- categorise transaction data with high accuracy
  • Income Insights- verify end-user's income amount, source and stability
  • Loans Insights- verify active liabilities and recent loan repayments, based on the loan type
  • Risk Insights- identify high-risk end-user behaviours and credit risk-related data points
  • Simple Score- measure the credit risk level based on end-user's transaction history
  • Marketing Insights- identify end-user's interest in specific fields (e.g. brands, products, etc.), based on their spending behavior.

If you're already using Plaid, the integration with Nordigen is very straightforward:

  1. Get the raw data file from Plaid via API,
  2. Send the raw data file to Nordigen via API (following our simple API docs);
  3. Get the enriched data file from Nordigen via API in seconds.

The file processing on Nordigen side typically takes 5-15 seconds. Larger Plaid files (with longer transaction history) can sometimes take more time to process. 

Ready to get started?

Sign up to our self-service platform and start building. If you have any questions, our development team is here to help you: support@nordigen.com


 

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Article by

...Rolands Mesters
Tagged with: Nordigen Plaid

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