JP Morgan Chase teams with Plaid for open banking

Wednesday 24 October 2018 13:39 CET | News

US-based APIs for financial infrastructure provider Plaid has linked up with JP Morgan Chase to help the bank make a move toward open banking.

The transition will be made by enabling account holders to safely share their financial data with third-party fintech applications. Via a secure API, Plaid accesses consumers’ data to help them share their digital financial information with other fintech apps such as Robinhood, Acorns and Venmo.

The cooperation will also offer developers quality data they can use to build new products and services. To put clients in control, Chase has launched a new tool called Account Safe that brings users visibility into which applications are using their data and give them control over the use of their data.

According to Business Insider, Plaid is in talks with investors about a funding round that could raise the company’s valuation to USD 2 billion. To date, Plaid has raised USD 59.3 million from investors including Goldman Sachs Investment Partners and Spark Capital. Since it was founded in 2012, Plaid says it has analysed more than ten billion transactions.

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Keywords: JP Morgan Chase, Plaid , Open Banking, Open API, fintech, financial infrastructure, Goldman Sachs Investment Partners, Robinhood, Acorns, Venmo
Countries: World