Finastra and Plaid announce collaboration to provide account holders with streamlined access to fintech apps
The integration simplifies the account verification process via open APIs, creating a more secure and efficient customer experience
LAKE MARY, Fla., 17 April 2023 /CNW/ — Finastra announced today that Plaid, the leading provider of open finance, is now integrated into Finastra’s Fusion Digital Banking platform. The partnership, delivered via Finastra’s FusionFabric.cloud open APIs, provides financial institutions of all sizes within the Finastra ecosystem with account verification tools, making it easier and more secure for consumers to connect their account data from their main financial institution with external financial apps and services.
Fusion Digital Banking is designed to adapt to advances in open finance, so banks and credit unions that offer the platform can easily deliver the personalized experiences customers expect and trust. Recognizing that many account holders now use various applications to manage their finances, the Plaid integration helps these institutions effectively meet these customer demands, ultimately helping them stay competitive with larger banks and new entrants. Through Plaid’s API technology, Fusion Digital Banking financial institutions can significantly increase efficiency and move to credentialless integrations, adding a distinct layer of security. Furthermore, it ensures more reliable connections for customers who authorize their account for Plaid-powered applications.
“Plaid is committed to ensuring that any financial institution, regardless of size, type or technical readiness, can enable its account holders to authorize data via API connections,” said Aly YarrisFinancial Access Partnerships at Plaid. “By partnering with Finastra’s growing ecosystem, we’re excited to help even more financial institutions give their customers the tools they need to securely and reliably access the fintech apps they rely on every day.”
Narendra MistryChief Product Officer, Universal Banking on Finastra said: “As the world continues to embrace open finance, it is critical that we provide the services community banks, credit unions and all financial institutions need to make it easier and easier for their customers to connect the different parts of their financial picture. We are pleased to that the more than 200 financial institutions that offer Fusion Digital Banking can now provide their account holders with reliable and secure access to thousands of Plaid-powered fintech apps.”
Finastra’s integration with Plaid represents the broader shift towards open finance in the financial services industry. Read more about this shift in Finastra’s State of the Nation Survey for financial services.
For more information, visit finastra.com
About Finastra
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, offering award-winning software solutions and services across lending, payments, finance and finance . Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world’s top 100 banks. For more information, visit finastra.com.
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SOURCE Finastra
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