Payrix Tech Update: Upcoming Plaid Changes
Payrix is dedicated to enhancing systems and improving processes to stay ahead of compliance and regulatory changes, while providing a world-class experience to you and your customers. As such, we will be making a change to Plaid, the service your customers use to seamlessly capture their bank account and routing number on the merchant onboarding form by entering their credentials.
What this means for you:
If you are using the Plaid integration within Payrix boarding form: We will do the lift required.
If you are not using Plaid integration within your own boarding form or transaction page: There is no lift required.
If you are using Plaid integration within your own boarding form or transaction page: You will have to update the integration, otherwise Plaid will stop supporting some key banks per the schedule below.
Chase: June 15, 2022
Bank of America: June 15, 2022
Wells Fargo: August 17, 2022
USAA: August 17, 2022
Charles Schwab: November 15, 2022
Please review this article in the Resource Center that outlines these upcoming changes, as well as what is required of you to remain compliant and continue using Plaid.
Reach out to your Relationship Manager with any questions.