Plaid has announced a solution that will enable vertical software-as-a-service platforms to integrate embedded bank payments directly into their products, enabling their customers to collect bill payments and to disburse funds for vendor payments. The company’s new Transfer for Platforms will provide onboarding, risk and payments in one place, Dana Weinstein, product manager, Plaid Transfers said. The solution will enable platforms to onboard customers in minutes, move money across multiple rails, reduce failed payments and gain full visibility and control across customers, transactions and returns. Because it will enable the use of ACH, Same-Day ACH, RTP® network and FedNow® Service, Transfer for Platforms will be able to lower costs by as much as 40% compared to cards. Plaid Transfer already powers billions in bank payments for other types of companies, and now Transfer for Platforms will extend that capability to platforms serving small and medium-sized businesses. “Embedded payments turn a SaaS product into a more complete solution, creating opportunities to monetize beyond subscriptions,” Weinstein said. “When payments are integrated natively into workflows, customers get a smoother experience, platforms unlock new revenue streams, and the product becomes stickier.” One early user of Transfer for Platforms, home services industry platform AdminiPay, found it was able to reduce onboarding from three weeks to 30 minutes, cut processing costs by up to 75% by shifting 20% of transactions to ACH, and lower support requests by improving transparency with real-time payment status.