Finastra and Plaid announce collaboration to provide account holders with streamlined access to fintech apps

Finastra today announced that Plaid, the leading open finance provider, is now integrated into Finastra’s Fusion Digital Banking platform. The partnership, delivered via Finastra’s FusionFabric.cloud open APIs, provides financial institutions of all sizes within the Finastra ecosystem with account verification tools, making it easier and more secure for consumers to connect their account data from their main financial institution with external financial apps and services.

Fusion Digital Banking is designed to adapt to advances in open finance, so banks and credit unions that offer the platform can easily deliver the personalized experiences customers expect and trust. Recognizing that many account holders now use various applications to manage their finances, the Plaid integration helps these institutions effectively meet these customer demands, ultimately helping them stay competitive with larger banks and new entrants.

Through Plaid’s API technology, Fusion Digital Banking financial institutions can significantly increase efficiency and move to credentialless integrations, adding a distinct layer of security. Furthermore, it ensures more reliable connections for customers who authorize their account for Plaid-powered applications.

“Plaid is committed to ensuring that any financial institution, regardless of size, type or technical readiness, can enable its account holders to authorize data via API connections,” said Aly Yarris, Financial Access Partnerships at Plaid. “By partnering with Finastra’s growing ecosystem, we’re excited to help even more financial institutions give their customers the tools they need to securely and reliably access the fintech apps they rely on every day.”

Narendra Mistry, Chief Product Officer, Universal Banking at Finastra said, “As the world continues to embrace open finance, it’s critical that we provide the services community banks, credit unions and all financial institutions need to make it easier and easier for their customers to connect the different pieces of their financial picture. We are delighted that the more than 200 financial institutions that offer Fusion Digital Banking can now provide their account holders with reliable and secure access to thousands of Plaid-powered fintech apps.”

The Finastra integration with Plaid represents the broader shift towards open finance in the financial services industry. Read more about this shift in Finastra’s State of the Nation Survey for financial services.