Bank Accounts

A Bank Account in the Prime platform represents a verified financial account linked to a Borrower’s Application. When integrating with the Prime platform, the Borrower will connect their bank account through Prime’s open-banking partner, Plaid*. This secure connection enables instant account verification for rapid loan disbursement and automated repayment setup, streamlining the entire lending process from funding to servicing. This bank connection also provides valuable transaction data used for Underwriting Decisions.

The Bank Account entity combines verification and financial data through the Plaid integration. Once connected, the account is instantly verified for both identity and ownership, enabling same-day funding capabilities (if available). The connected account also serves as the designated source for automated repayments, ensuring a seamless repayment experience for Borrowers. A connection is required for Prime's automated lending operations.

Through Prime API, bank connections are managed using dedicated endpoints. A banking Link Token is requested when a Borrower is ready to connect an account. This token is used with Plaid's interface (see Plaid Link) in the Application. Once a Borrower completes authentication, the public_token is received from the Plaid widget to establish a permanent connection. After verification, the Bank Account is automatically configured for both loan disbursement and automated repayments. If the Borrower selects multiple accounts to connect, they will need to define which account they want to use for disbursement, and repayments. By using the bank accounts action under the Application endpoint, a Partner can define the accounts and modify them in the future.

Important to know: Partners on Prime’s platform are provided with information and Link Tokens needed to initiate and complete Bank Account connections within Partner’s platform. A direct integration with Plaid is not needed.

What is Plaid?*

Plaid is a financial technology platform that connects banking data with apps and services. It works as a secure bridge that allows apps to safely access user bank information, view transactions and verify accounts - all without storing bank login details. Fore more information about Plaid please visit plaid.com and check out their FAQ.