The partnership between the two entities is delivered via FusionFabric.cloud open APIs, and it provides financial institutions with access to a suite of account verification tools that make it easier and more secure for consumers to link data from their main financial institution with external financial apps and services.
Banks and credit unions can leverage the adaptability of Fusion Digital Banking to deliver personalised experiences for their clients. As 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 efficiencies and move to credentials 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 ensure that all financial institutions can enable their account holders to permission data via API connections. They also talked about the partnership with Finastra and how it can help financial institutions to give their customers the necessary tools they need to access the fintech apps they use on a daily basis.
Finastra representatives cited by the same source talked about the increasing adoption of Open Finance around the world and how this results in an urgency to provide financial institutions with the proper tools to make it simpler and easier for their customers to connect the different pieces of their financial portfolio.
In April 2023, Plaid also entered into a partnership with UK-based digital financial institution Monzo. The association between the two companies allowed clients to connect their Monzo account to over 8,000 fintech apps. Plaid integrated Monzo via its 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 bank transactions, which means that businesses can release loan payments, insurance payouts, or wages quickly and securely thanks to the improved service.
Plaid's Transfer service helps businesses when it comes to transferring payments between bank accounts. The offering currently makes use of 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 rapid bank transactions.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now