Common Uses for Alice
ACH Deposits and Withdrawals
Alice provides the account number and routing number needed for ACH transactions for every bank and credit union in the US free of charge. Simply embed the widget in your application and you will have all the data you need to make deposits or withdrawals using the ACH network.
Crypto Exchange Migration
Cryptocurrency Exchanges use Alice to display user balances in other cryptocurrency exchanges. This gives the user a single place to see all of their holdings and also gives the exchange insight into their competitors and provides a natural starting point for users to migrate their funds.
Banking Initial Funding
When banks on-board new customers one of the first tasks is to transfer funds from the user's old bank account to the new bank account. Alice provides banks the account and routing number of the old bank to make funding via ACH fast and easy.
Banking and Cryptocurrency Exchange Integration
Banks use Alice to allow customers to connect their cryptocurrency exchanges such as Coinbase and Kraken. This creates a more complete view of the customers financial life and allows banks greater insight into the cryptocurrency products and services they should develop to serve their existing customers.
Banking and Wealth Integration
Banks use Alice to allow customers to connect their investment accounts such as Betterment and Robinhood. This creates a more complete view of the customers financial life and allows banks greater insight into the wealth products and services they should develop to serve their existing customers.
Accounting and Finance
Accounting applications use Alice to download bank transactions in order to reconcile accounting records with bank transactions. Enterprises download bank transactions to make cashflow predictions and fine tune their treasury management strategies.
Lenders use data pulled from bank accounts, wealth management accounts, utility companies, cell phone providers, cryptocurrency exchanges, payroll companies, insurance companies and fintech apps to make more complete lending decisions.
Companies that provide credit scores allow customers to connect bank accounts, payroll companies such as ADP and Paychex and other services to gain a more accurate picture of their financial health and boost their credit score.
Debit Card Verification
Determining the bank account associated with a debit card is difficult. Service providers can use Alice to determine if a recent charge to a debit card is in fact reflected in connected bank account by downloading recent transactions.
Services such as Fidelity can allow customers to connect their relevant accounts such as Chase, Robinhood and Mass Mutual to gain a better picture of their customers financial situation to provide more informed and accurate guidance.
Instead of asking users to manually enter data some fintech apps use Alice as the very first step in onboarding a new customer. Before even providing their name they immediately connect their bank account and their name, email address and other relevant data is automatically retrieved.
Identify and Fraud Prevention
When applying for a loan or attempting to execute a payment it is critical to eliminate impersonators. Unfortunately this often results in false positives where consumers are prevented from accessing products at the very end of an expensive sales funnel. By allowing consumers to connect additional accounts their identity can be positively confirmed with minimal hassle.