News

Plaid partners with PortX

Thursday 11 January 2024 09:14 CET | News

Financial infrastructure and integration tech company PortX and data network powering the digital financial ecosystem Plaid have partnered to expedite data access and innovation for financial institutions.

 

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.

Plaid partners with PortX

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.

More to this point, PortX representatives added that the partnership with Plaid has the potential to propel the financial services industry into a new era of digital transformation and customer-centric solutions. The cooperation marks a step forward towards a future where financial management is increasingly accessible, efficient, and in alignment with the evolving needs of both FIs and their customers.

PortX’s mission and offering

PortX is an integration technology company focused on financial services infrastructure that offers open access to core data and enables quick project delivery, innovation, and optimal customer experiences. PortX’s solutions help facilitate interoperability between internal systems and member services such as online banking, credit checks, and mortgage and loan applications, among others, enabling a real-time 360-degree view of the customer. The company assists FIs in empowering their teams to connect to fintech partners and real-time payment networks of the likes of Zelle, ACH, Fedwire, Mojaloop, and more.

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


Source: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, Open Banking, open data, API, fintech, embedded finance, digital banking, financial data, data sharing, financial services
Categories: Banking & Fintech
Companies: Plaid, PortX
Countries: United States
This article is part of category

Banking & Fintech

Plaid

|

PortX

|
Discover all the Company news on Plaid and other articles related to Plaid in The Paypers News, Reports, and insights on the payments and fintech industry: