[TheUnderwritingProdigy]

I've pretty much had enough of working with DecisionLogic. The service rarely works, and ends up just causing more frustration from all parties.

I was in the market for a new alternative, and saw that another popular platform is "Plaid". I tried onboarding with them, but they basically said that they would require an API for it to work.

I don't have anything like that in place at the moment, and was hoping for a similar platform to DecisionLogic (where all you have to do is sign in, enter in the info, and generate a link to the merchant).

Does anybody have any suggestions?

[abfunders]

MX is also aggregated data, but they're really good I hear. Yodlee ain't bad either.
I'm not sure if you need the integrated API or not.

[TheUnderwritingProdigy]

MX is also aggregated data, but they're really good I hear. Yodlee ain't bad either.
I'm not sure if you need the integrated API or not.

What does MX stand for? Do you have a website for them? Thanks Micah! **NEVERMIND! I found them ** I still think they require an API as well though.

[Ifunddaily]

just do logins

[ryanh]

There are a lot of freelance consultants that can help you set up Plaid for cheap on Fiverr or just freelance development companies in general. I got it set up but I struggled to find a way to get it to be visually appealing and took the easy way out and just did DecisionLogic.

[FCF Fund]

I've pretty much had enough of working with DecisionLogic. The service rarely works, and ends up just causing more frustration from all parties.

I was in the market for a new alternative, and saw that another popular platform is "Plaid". I tried onboarding with them, but they basically said that they would require an API for it to work.

I don't have anything like that in place at the moment, and was hoping for a similar platform to DecisionLogic (where all you have to do is sign in, enter in the info, and generate a link to the merchant).

Does anybody have any suggestions?

What about Microbilt?

[TheUnderwritingProdigy]

What about Microbilt?

Been ages since I've used them (RIP BIZFI). Are they any good?

[mca2150]

Been ages since I've used them (RIP BIZFI). Are they any good?

They were the go-to 5-6 years ago, but not anymore. They're also having a bunch of legal issues lately.

Edit: https://www.sec.gov/litigation/litre...21/lr25124.htm

[ryan $]

Plaid is the best. I've tried them all.

If you don't want to hire a Coder you may want to try codat.io - I believe they have Plaid (among others).

[TheUnderwritingProdigy]

Plaid is the best. I've tried them all.

If you don't want to hire a Coder you may want to try codat.io - I believe they have Plaid (among others).

Yeah, I'm going to look into CODAT as well as FIVERR to see about just having someone set up the API for me. I've been hearing a lot of great things about Plaid. How reliable would you say Plaid is at bank verification and what are you paying for the service?

Thanks for the help here!

[ryan $]

Yeah, I'm going to look into CODAT as well as FIVERR to see about just having someone set up the API for me. I've been hearing a lot of great things about Plaid. How reliable would you say Plaid is at bank verification and what are you paying for the service?

Thanks for the help here!

I'm not the best one to ask Price on.... We Fund on another Funders Platform, and use of Plaid is just Included in the Management Fee... as well as the other services (Credit reports, Clear, Court System, Collections)

EDIT: There are 2 Options, Pay as you Go and "Scale" - Scale is $500 a Month, Pay as you go is $2-$4 Dollars Per API Call - So get's expensive fast.

If you pay the $500 a Month it drops API Calls down to .25 Cents

It gets even more convoluted Depending on what Data your Pulling.

[TheUnderwritingProdigy]

I'm not the best one to ask Price on.... We Fund on another Funders Platform, and use of Plaid is just Included in the Management Fee... as well as the other services (Credit reports, Clear, Court System, Collections)

EDIT: There are 2 Options, Pay as you Go and "Scale" - Scale is $500 a Month, Pay as you go is $2-$4 Dollars Per API Call - So get's expensive fast.

If you pay the $500 a Month it drops API Calls down to .25 Cents

It gets even more convoluted Depending on what Data your Pulling.

Yeah, that makes sense. How reliable is Plaid? DecisionLogic has been giving me nothing but headaches and rarely works.

[ryan $]

Yeah, that makes sense. How reliable is Plaid? DecisionLogic has been giving me nothing but headaches and rarely works.

Plaid has been wayyyyyy better than DL.
DL failed way too much, Plaid rarely Fails, every once in a while, but its very rare. And the Failure is usually the result of a Bank Update, which they fix fast. The development team seems way more on top of it than DL. Honestly, i think DL is on their way out.... They don't care anymore, Just extracting as much money from their departing customer base as possible.

[mistamca]

I've pretty much had enough of working with DecisionLogic. The service rarely works, and ends up just causing more frustration from all parties.

I was in the market for a new alternative, and saw that another popular platform is "Plaid". I tried onboarding with them, but they basically said that they would require an API for it to work.

I don't have anything like that in place at the moment, and was hoping for a similar platform to DecisionLogic (where all you have to do is sign in, enter in the info, and generate a link to the merchant).

Does anybody have any suggestions?

MX is great imo. It is going to be API-based (no UI platform I believe). We were going to go with MX or Plaid & ultimately built everything on MX because their API is much cleaner & they have way more features.

If you use Ocrolus, then I would look into Plaid. They have an integration already made & they have some simple bank verification methods. For 80% of the people, it is probably better than any bespoke solution.

Here is something that I played around with a couple of years ago before we had a different solution. We had a virtual computer that records all actions. It would register the computer's ID to the bank & it would save the login. It was a link sent to the merchant. They would click it, go to their bank, and connect it. A processor would then download the statements for the credit committee.

Personally, I loved this method. It got a bit wonky after a bit but that was on me & with a few updates, it would have been scalable.

[TheUnderwritingProdigy]

Plaid has been wayyyyyy better than DL.
DL failed way too much, Plaid rarely Fails, every once in a while, but its very rare. And the Failure is usually the result of a Bank Update, which they fix fast. The development team seems way more on top of it than DL. Honestly, i think DL is on their way out.... They don't care anymore, Just extracting as much money from their departing customer base as possible.

That's good to know. I keep hearing great things about Plaid so I think I'm going to hire a developer on FIVERR to set me up with the API. I looked into CODAT as per your recommendation and they were offering too powerful of an offering (along with a $30k/year pricetag). I told them all I needed was the bank verification end. They were pushing a suite of over 150 offerings so the sales guy told me straight up, it just wouldn't make sense.

As for Plaid, how far back is it able to pull data from the banks?

[BB_Cooper]

Microbilt's Instant Bank Verification(IBV) is an easy alternative to Decisionlogic that does not require an API-

[abfunders]

Microbilt's Instant Bank Verification(IBV) is an easy alternative to Decisionlogic that does not require an API-

Is Microbilt's IBV the credit pull that shows up a dozen times as Microbilt on the credit reports? Or is it a different one? Because everyone is using "soft pulls" but very often they do leave a footprint on the credit report despite it being "soft".

[helpinghand]

Plaid destroys Decision Logic. You can hire a programmer on the cheap at upwork to integrate and pull data. It's cheap too

[SFC]

I've pretty much had enough of working with DecisionLogic. The service rarely works, and ends up just causing more frustration from all parties.

I was in the market for a new alternative, and saw that another popular platform is "Plaid". I tried onboarding with them, but they basically said that they would require an API for it to work.

I don't have anything like that in place at the moment, and was hoping for a similar platform to DecisionLogic (where all you have to do is sign in, enter in the info, and generate a link to the merchant).

Does anybody have any suggestions?

DecisionLogic is just a non API'd Version of Yodlee.com. It's Yodlee that sucks not DecisionLogic. Plaid is just another Data Provider like Yodlee, the difference is Plaid > Yodlee.

Pre-Covid there were a couple companies in the space building the "DecisionLogic for Plaid". Not sure what happened to them. Though if they no longer exist, that's probably a good opportunity, considering most funders don't have software engineering capabilities.

[BB_Cooper]

Microbilt's IBV bank logins do not appear on the merchant's credit.

But, Microbilt also sells various credit reports/products that do show up on the credit-

[InsiderInfo]

just do logins

Same. Tough to go backwards with technology available but the amount of missing data and unspecified transactions makes it nearly impossible to uw properly.

[zalman]

MCA-Track has Plaid built-in (beta) and we're building a lot of automation such as real-time bounce alerts etc. reach out to me if you'd like to see it in action zalman.notik@mcatrack.com