When it comes to financial services technology, quick and straightforward onboarding is essential. That’s why Circle has integrated with Plaid, making it easier than ever for customers to use ACH payments thanks to Plaid’s rapid account verifications. End-users from Circle infrastructure customers like Linus and Dharma can now directly connect their bank accounts without needing to share data with Circle or having to memorize long and complicated routing and account numbers.
“Seamless, trusted payment infrastructure is essential for enabling global economic commerce on the internet and we’re proud Plaid’s network will help customers experience how automation can power frictionless value exchange,” Circle Chief Strategy Officer and Head of Global Policy Dante Disparte said.
Using Circle’s Payments and Payouts APIs, incoming ACH payments automatically settle as USD Coin (USDC) in the Circle Account, while payouts enable automatic conversion from USDC into US dollars in a bank account via ACH transfers. Combined with Account APIs, customers can build sophisticated treasury management and payments applications that also tap into the openness, global reach, and cost-efficiency of dollar digital currencies like USDC.
“ACH payments are increasingly critical as digital finance becomes the ‘new normal’. However, historical processes and infrastructure don’t properly support the increase in money flowing online between accounts,” Plaid Head of Revenue and Partnerships Paul Williamson said.
“Innovative companies like Circle offer easier ACH processing combined with the power of Plaid’s instant Auth and account verification for better money movement experiences.”
Since integration with Plaid, Circle has successfully enabled ACH payment and payouts for a diverse set of customers including Dharma, Linus, and Lemonade Finance. Circle is excited by the prospect of enabling an expanding set of use cases and customers.
“The Circle and Plaid combination has completely streamlined our business’s fiat to crypto operations, enabling a fast, fully automated journey into and out of USDC for our customers. It's resulted in faster settlement times, reduced operational overhead, and improved user experience,” Linus Co-founder & COO Matthew Hamilton said.