Finastra partners with Plaid to give users access to fintech apps
UK-based Finastra has partnered with US-based Open Banking platform Plaid to help it integrate with the Fusion Digital Banking platform.
The partnership between the two entities is delivered via FusionFabric.cloud open APIs, and it gives financial institutions access to a suite of account verification tools that make it easier and more secure for consumers to connect data from the main financial institution with external financial apps and services.
Banks and credit unions can leverage the adaptability of Fusion Digital Banking to deliver personalized experiences for their customers. Since some account holders rely on various applications to manage their finances, the Plaid integration helps these institutions meet these customer demands.
Fusion Digital Banking financial institutions can leverage Plaid’s API technology to increase efficiency and transition to credential integrations, ensuring a distinct layer of security. The integration also improves the reliability of connections for customers who have linked their accounts to Plaid-powered applications.
Plaid officials cited by ibsintelligence.com highlighted the company’s commitment to ensuring that all financial institutions can enable account holders to authorize data via API connections. They also talked about the partnership with Finastra and how it can help financial institutions provide customers with the necessary tools they need to access the fintech apps they use every day.
Finastra representatives quoted by the same source spoke about the growing use of Open Finance around the world and how this is driving the urgency to provide financial institutions with the right tools to make it easier and easier for their customers to connect the various the parts of their financial activities. portfolio.
Plaid’s partnership with Monzo
In April 2023, Plaid also entered into a partnership with the British digital financial institution Monzo. The tie-up between the two companies allowed clients to connect their Monzo account to over 8,000 fintech apps. Plaid integrated Monzo via the Core Exchange platform – a free service that allows any institution to join the Plaid data network through secure API access.
Plaid is now expanding its services to include real-time banking transactions, meaning businesses can release loan payments, insurance payments or wages quickly and securely thanks to the enhanced service.
Plaid’s Transfer service helps businesses transfer payments between bank accounts. The offering currently uses the Real Time Payments (RTP) network, which is a five-year-old money transfer technology operated by a group of leading US banks that enables fast banking transactions.
