28 C
Dhaka
Wednesday, July 6, 2022

Plaid brings digital API platform for banks

Photo: MoneyCrashers

More individuals and businesses are turning to fintechs for financial needs due to the demand being possibly accelerated by the COVID 19 pandemic.

In this regard, Plaid, a financial service company of California is releasing a new solution to help banks manage and secure customers’ financial data since financial institutions (FIs) scramble to meet the rising demand for digital.

The company is launching Plaid Exchange, an API platform that is specifically intended to help FIs tap consumer-permissioned data. Some 44 percent of banking executives said in an Accenture survey that connecting legacy systems with newer FinTech applications is a central challenge.

Niko Karvounis, product lead at Plaid said on May 19 in a company statement, “Digital transformation that was expected to take years is now predicted to take place over a matter of months. Now, financial institutions everywhere must be prepared to meet their customers’ rising demand for digital connectivity.”

To make the transition easier, Karvounis said Plaid is working with numerous integration partners such as Kunai and Core10. There are currently more than 2,600 apps on the Plaid network.

In accordance with the company, using Plaid Exchange, FIs can economically launch an API solution in just three months. Banks can also use the solution to leverage tokenization to maintain connectivity. Bi-directional Plaid Exchange integration makes scheduling data updates smarter.

“Plaid Exchange is a solution for the digital financial ecosystem stakeholders; it’s open finance in a box, so financial institutions can integrate with multiple data partners,” Karvounis said, adding that the platform is an active member of FDX and other standards bodies.

 

Source: PYMNTS.com

Related Articles

Jermatz Limited

Jermatz receives National Productivity and Quality Excellence Award 2020

0
Jermatz Limited, a local jute products manufacturer, has been awarded National Productivity and Quality Excellence award 2020. The Managing Director of Jermatz Limited, Ismat Jerin...
Denim expo 2022

Denim expo bounces back after two years

0
The 12 edition of Bangladesh Denim Expo, an international exposition of denim products, will be held at the International Convention City Bashundhara (ICCB) in...
ISO 2001

ISO 27002: 2022 Implementation vs Reality

0
After almost a decade, ISO27001: 2013 is going to publish its new iteration of ISO27001:2022 in second (2nd) Quarter this year1. But prior to...
Deepfakes: The Synthetic Media I want to believe

Deepfakes: The Synthetic Media I want to believe

0
What Are Deepfakes? A deepfake is a sort of "synthetic media," which refers to material (such as images, audio, and video) that has been modified...
The power of API platforms

The power of API platforms brings the open banking promise into sharper focus

0
Open banking is a global phenomenon whose merits are felt in virtually every time zone, including those in the Asia-Pacific region. In contrast to...
Blockchains Gaming and Collusion

“Blockchains: Gaming and Collusion- A Reading in Political Economy”:  Futuristic Exploration with Fact-based Analysis

0
In this digital age, it has become quite common for us to constantly remain mesmerized by fascinating technologies.  However, deeper thoughts about those technologies,...