Loquat and Plaid join forces to introduce Open Banking services

Loquat is a financial technology company that has developed a proprietary cloud banking platform designed for small businesses, consumers, and financial institution employees. This platform allows credit unions and community banks to implement digital banking features for consumer and small-to-medium business (SMBs) services, including onboarding, lending, and payments, all while preventing fraud and upgrading user experience. Plaid provides users with optimised digital financial experiences through its Open Banking network and payments platform, which are tailored to simplify the creation of fintech products and services. 

The partnership between Loquat and Plaid enables consumers and SMBs to connect their financial accounts across multiple platforms, thereby increasing usability and simplifying digital experiences. Through this collaboration, Loquat integrates Plaid’s connectivity framework into its digital banking platform. This integration allows financial institutions to offer customers secure account linking, access to real-time authorised financial data, and efficient financial management. Additionally, it simplifies fund transfers for new account openings, helping to reduce attrition that can result from funding delays or issues.

Loquat representatives stated that through their collaboration with Plaid, the company provides intuitive solutions that connect financial platforms, equipping users with the tools needed to manage their finances confidently.

Key benefits of the collaboration

Plaid’s dependable and secure APIs, paired with Loquat’s banking technology, provide consumers and SMB with the following advantages:

• simplified connectivity: with them being able to securely connect accounts across various financial platforms;

• increased financial control: allowing users to gain real-time insights into accounts and manage finances more confidently;

• efficient onboarding: enabling users to open and funds accounts more efficiently through Plaid-enabled connectivity.

This collaboration reinforces Loquat’s commitment to equipping financial institutions with advanced digital tools that cater to the increasing demand for integrated financial services.