Big News: Partnering with Plaid for Secure, Seamless Account Verification
At USA Construction Funds Management, we’re always looking for ways to make Funds Control easier, safer, and more reliable for our lenders and their borrowers. That’s why we’re excited to announce our partnership with Plaid, a leader in secure financial data verification.
So, What’s This About?
This partnership allows us to verify bank accounts instantly and securely—no more waiting on paper documents or dealing with potential fraud risks. When a borrower or subcontractor provides account details, Plaid connects directly with their bank to confirm ownership and routing details in real-time.
Why Did We Do It?
Simple: Security, speed, and peace of mind. We know that verifying bank accounts manually is slow and leaves room for errors—or worse, fraud. Cyber threats are real, and wire fraud is on the rise. By integrating with Plaid, we’re taking an extra step to protect lenders and borrowers alike.
The Benefits: More Protection, Less Hassle
- Fraud Prevention: Plaid minimizes the risk of incorrect or fraudulent account details.
- Faster Payments: Instant verification means quicker disbursements.
- Bank-Level Security: Plaid encrypts all data and never stores login credentials.
- Compliance & Transparency: Borrowers and subcontractors remain in control of their data and permissions.
- No More Paper Chase: No more voided checks or PDFs—just seamless, real-time authentication.
Addressing Security Concerns
Cybersecurity is a major concern, and we take it seriously. Plaid uses end-to-end encryption, multi-factor authentication, and continuous monitoring to protect financial data. Unlike traditional verification methods that rely on emailed bank documents (which can be forged or intercepted), Plaid provides a direct, encrypted connection to financial institutions.
For more information Plaid has a great FAQ resource page which provides details on how Plaid works, and specific privacy and security information. And see our FAQ section below.
“Fraud in construction payments is a real problem, and lenders need better protection. Bringing Plaid into the mix helps make sure funds land where they’re supposed to—fast and secure. It’s just one more way we’re making Funds Control easier and safer for everyone involved.” – Mike Sanders, Director of Funds Control at USA
Aligning with Our Mission
Everything we do is about making lenders’ lives easier. At the end of the day, our job is to take the headache out of Funds Control, so we built USA Construction Funds Management to bring clarity, security, and simplicity to the process. This partnership with Plaid is another step forward in our mission to protect lenders and get the right people paid, the right amount, as quickly as possible.
If you need Funds Control on your construction project, fill out this quick form and we’ll get back to you within 24 hours. Or, if you still have questions email Mike at mike.sanders@usainspect.com.
Frequently Asked Questions (FAQ) for Lenders
1. How does Plaid work?
Plaid connects directly to a borrower or subcontractor’s bank account to verify ownership and routing information securely. This means we can confirm the account is real and belongs to the correct person before any funds are sent.
2. Is Plaid safe? What about cyber threats?
Yes! Plaid uses bank-level encryption and does not store login credentials. It’s a more secure way to verify accounts than manually collecting and storing sensitive banking information.
3. Why is this better than the current verification process?
Right now, verifying accounts means collecting paper documents like voided checks or manually filing out ACH forms. Those can be forged or outdated, and are prone to clerical errors. Plaid provides real-time verification straight from the bank, reducing fraud risks and speeding up the process.
4. Will borrowers or subcontractors need to do anything differently?
They’ll just need to link their bank account through a secure Plaid connection. It’s a quick, simple process—much easier than emailing banking info or providing checks.
5. Does this cost extra?
Nope! This is part of our commitment to making Funds Control safer and more efficient for our lenders.
6. Can I still verify accounts the old way?
We’ll still have traditional methods available, but Plaid is the recommended option because it’s faster, safer, and more reliable.
7. What if a borrower doesn’t want to use Plaid?
While Plaid is our preferred method, we understand that some users may have concerns. We’ll provide alternative ways to verify accounts, but Plaid offers the best protection against fraud.
