Loquat and Plaid Partner bringing open banking and instant account verification to credit unions and community banks

MIAMI, Fl. – February 13, 2025 – Loquat Inc. and Plaid today announced a partnership to integrate Plaid's open banking capabilities into Loquat's digital account opening and lending platform. The integration enables financial institutions using Loquat to offer applicants instant bank account verification and income confirmation during the onboarding process — reducing friction, improving approval accuracy, and speeding time to funded account.

Plaid's network connects to thousands of financial institutions across North America, allowing Loquat's platform to verify an applicant's existing banking relationships and financial standing in seconds rather than days. For lending applications, this translates directly into faster decisioning and a better experience for borrowers who would otherwise wait for manual bank statement review. For account opening, it streamlines funding by allowing applicants to link a source account with a single step.

The Loquat–Plaid integration is available to all financial institutions on the Loquat platform, with no additional implementation work required. Institutions that have already deployed Loquat can activate the Plaid integration through the CALM Portal configuration panel. New prospective clients can inquire about the combined offering by contacting Loquat at loquatinc.io. The partnership reflects Loquat's continued investment in building the most connected and capable onboarding infrastructure for community financial institutions.