Enhanced transparency and connectivity between accounts helps small businesses avoid overdraft fees and achieve greater money mobility ahead of slowing economy.
NorthOne, a leading small business banking app, announced its integration with Plaid to enhance cash flow controls for NorthOne customers. Small businesses using NorthOne can now link all their financial accounts safely and securely through Plaid for improved transfer capabilities, helping avoid overdraft fees and enabling more complex treasury functions.
NorthOne is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A., Member FDIC.
“Our customers have been asking us for faster ways to move money into their NorthOne Accounts,” said Eytan Bensoussan, co-founder and CEO of NorthOne. “By integrating with Plaid, we’ve found a partner that helps us offer them a more transparent, seamless experience.”
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Small businesses are the lifeblood of the American economy, and yet half of them fail within their first five years. This is largely due to financial mismanagement and a lack of financial systems and controls. The key to reversing this trend is facilitating healthier cash flow, especially in a slowing macroeconomic environment.
NorthOne has heard from its customers that they are frustrated by hidden fees, transfer delays, and disconnected services that make it difficult to accurately understand their financial situation and move money. By leveraging Plaid’s Auth, Identity, and Balance solutions, small business owners can now directly connect NorthOne to their other financial apps and services, allowing them to seamlessly transfer funds between accounts.
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At the same time, NorthOne has the visibility it needs to protect small business owners from expensive non-sufficient funds (NSF) and overdraft fees. By verifying account balances before initiating transfers, NorthOne knows if a customer’s available funds are enough to cover the payment and can alert them before incurring a potential fee.
In addition to transparent balance information, NorthOne will also leverage the Plaid partnership to verify customers’ identities, instantly link bank accounts, and facilitate better ACH transfers between accounts. Together with NorthOne’s recent real-time payment launch, these new cash flow controls serve as the cornerstone of NorthOne’s vision for a comprehensive financial management platform that frees owners up to focus on their core business.
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