Plaid partners with PortX

PortX offers open access to data and helps drive innovation for financial institutions (FIs) with its Integration-Platform-as-a-Service (IPaaS). The collaboration combines the power of PortX’s digital core banking integration experience with Plaid’s advanced capabilities for connecting data between applications and bank accounts.

Banking, data access, and what the PortX – Plaid partnership entails

Per the press release, the cooperation between Plaid and PortX comes as a pivotal moment in the fintech sector, combining the expertise of the two companies to help change how FIs harness data for innovative products and services. For customers of PortX, which operates as both a systems integrator and middleware provider, the partnership increases their ability to scale up secure and efficient financial data sharing by minimising the technical effort and resource allocation that is normally required for such an expansive task. This results in an increasingly extensive and holistic view of customer data, enabling institutions to provide highly personalised services and gain deeper financial insights with more ease.

Furthermore, the partnership looks to expand API capabilities in financial services, setting the stage for more active participation in Open Banking initiatives, where financial data is shared securely through APIs. FIs are empowered to be at the forefront of the Open Banking revolution through PortX’s command over API orchestration and financial services integration, alongside Plaid’s storied expertise in secure data connectivity and Core Exchange, its FDX-aligned API. Such a capability is considered critical for providing advanced and personalised digital banking and embedded banking services.

Commenting on the announcement, Plaid officials advised that digital finance is here to stay, with 85% of consumers confirming they have benefited from leveraging tech to manage their finances, showcasing the need for FIs to embrace tech the same way customers have – to maintain account primacy and prepare for the codification of Open Banking in the US. 

Per their statement, partners like PortX help transform the banking infrastructure for FIs, aiding them in digital transformation and enabling expedited innovation, and together, the companies look to enhance the digital infrastructure and optionality for FIs and their customers alike.

PortX’s mission and offering

For more information about Plaid, please check out their detailed profile in our dedicated, industry-specific Company Database.