The partnership seeks to combine Plaid’s Open Finance solutions with Capco’s domain and data analytics expertise to allow financial institutions the potential to access and enable the value of open finance across the banking sector, while reportedly making data more secure and accessible for consumers. This joint solution will be showcased at Money20/20 in Las Vegas, Nevade, 23-26 October 2022, at the firms’ booths (Wipro/Capco at #2430 & Plaid at the Bassano 2601 meeting rooms).
The Capco-Plaid alliance will supposedly allow financial institutions to accelerate their Open Finance journeys through a solution that seeks to address their needs, regardless of where they are along that journey, from strategy to execution. According to the official press release, the solution will help financial institutions unlock new value by addressing important challenges such as data privacy and security, API management and integration, governance, and customer experience. Clients will reportedly also be able to access faster time-to-market and improved benefits by leveraging Wipro’s global size and reach, as well as its experience delivering engineering capabilities worldwide for almost 40 years, the press release states.
For consumers, the new solution is designed to give them more control, transparency, and security when managing their financial lives. It also enables financial institutions to provide more curated digital finance solutions to their customers, the press release continues. According to the Head of Partnerships at Plaid, ‘at the heart of Open Finance is the principle that consumers own their data wherever it lives. Partners like Capco are critical to financial institutions as they develop solutions to fulfil this expectation’.
The Partner and US Digital Engineering Lead at Capco, said: ‘The demand to meet rising consumer expectations for more user-friendly offerings is evident, with financial institutions pivoting to a digital-first strategy and integrating multiple APIs’.
As evident from the October news brought on by Plaid, the company is active on multiple fronts. First, the Open Banking player announced it boosted its identity verification tool with an improved anti-fraud engine. More about it, here.
Second, also earlier this month, Plaid published The Fintech Effect report that shows 84% of UK consumers use fintech for money management in 2022. Last but not least, the company has ventured into the world of Web 3.0 with the release of its first crypto product, a wallet connector.
Capco, a Wipro company, is a global technology and management consultancy specialising in driving digital transformation in the financial services industry. With a client portfolio consisted of over 100 global organisations, Capco works on initiatives in banking and payments, capital markets, wealth and asset management, insurance, and the energy sector.
US-based Plaid is a data network that seeks to help people to live a healthier financial life. Plaid works with companies like Venmo, SoFi, and Betterment, Fortune 500 players, and banks to make it easy for people to connect their financial accounts to the apps and services they want to use. Plaid’s network covers more than 12,000 financial institutions across the US, Canada, UK and Europe. Headquartered in San Francisco, the company was founded in 2013.
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