Plaid launches Plaid Exchange to level the API playing field for banks

Thursday 21 May 2020 11:56 CET | News

Plaid, a US-based fintech, has announced launching Plaid Exchange through which financial institutions can build and maintain an API that other developers can use.

Plaid has built a universal API that connects with thousands of financial institutions. It sometimes has to rely on screen scraping, which means that it connects to a banking website through a web browser that runs on its server and then saves the information. Those integrations can break if the website is updated, and they are not as effective as using an API.

With Plaid Exchange, Plaid can help banks when it comes to implementing an API. According to TechCrunch, it should be more secure and reduce load on the servers. Financial institutions could leverage Plaid Exchange to build new services that connect directly with a main bank account through the API. Companies would be able to see if connections are working fine, which would make it easier to identify issues with the infrastructure.

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Keywords: Plaid , Plaid Exchange, banks, API, US, fintech, banking, banks
Categories: Banking & Fintech | Payments General
Countries: United States
This article is part of category

Banking & Fintech