An objective of the partnership is to satisfy the demand from companies and brands, both within and outside the financial services industry, who are adding end-user wallets, payments, savings, credit and bank accounts to their platforms and wish to improve the process.
Railsbank and Plaid will enable customers to offer payment initiation to consumers and SMEs, which allows customers to collect money directly from their bank account.
The two companies will also build new functionalities that provide mutual customers with products and features to leverage the spectrum of Open Banking and Embedded Finance benefits.
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