Introducing Plaid Exchange

Plaid blog | Niko Karvounis & Jesse Dhillon  | May 20, 2020

Plaid exchange - Introducing Plaid Exchange

Plaid Exchange

The financial ecosystem is undergoing an unprecedented digital transformation due to new realities brought on by COVID-19. Consumers and businesses have turned to fintech to manage their finances in record numbers. 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.

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Today, Plaid is launching Plaid Exchange to accelerate consumer-permissioned data access strategies for financial institutions. As fintech adoption has grown, so have the needs of financial institutions that must now manage unprecedented customer connections across thousands of fintech apps. Plaid Exchange gives financial institutions, from banks to wealth management firms, an open finance platform that includes critical tools required to manage the secure and reliable data connectivity their customers’ financial lives demand, today and for years to come. At the heart of this platform is the ability for consumers to maintain control and transparency into where and how their financial information is permissioned and shared, increasingly important as more people rely on a variety of digital financial tools to manage their financial lives.

Over the past year, we communicated with over a hundred financial institutions to understand their evolving priorities and deliver a solution that fully encompasses what a financial institution needs to implement scalable API-led data access rooted in user transparency and control. With Plaid Exchange, financial institutions can bring an API solution to market in as little as 12 weeks. Implementing Plaid Exchange also means saving on the costs associated with standing up an API, such as building tools and programs to manage developer testing, implementation, and risk management.

Developed with shared security, transparency and reliability needs across the ecosystem in mind, Plaid Exchange is an API platform for financial institutions that provides the connectivity to:open finance x - Introducing Plaid Exchange

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  • Establish token-based API connectivity. Financial institutions can leverage tokenization to maintain connectivity, and help ensure even more reliable integrations with the 2,600+ apps on the Plaid network today.
  • Optimize infrastructure load. With a bi-directional Plaid Exchange integration, financial institutions benefit from smarter scheduling and load management for data updates.
  • Build one integration for open finance needs. 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 through the Plaid Exchange integration.
  • Align with key connectivity standards and principles in the industry. As an active member of FDX and multiple industry standards bodies, we’ve designed Plaid Exchange to reflect key principles around access, consumer control, transparency, and security.
  • Enable new control tools for consumers. Plaid Exchange includes the ability for financial institutions to easily build a consumer control center that gives their customers more visibility and enhanced control over how their financial information is shared and where their accounts are connected.

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NCFA Jan 2018 resize - Introducing Plaid Exchange The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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