Financial Access Newsletter- November 2021

As the financial services ecosystem continues to evolve, Plaid is committed to advancing core industry-wide data access objectives around consumer safety, security and innovation. To strengthen communication with the ecosystem, we are launching the Financial Access Newsletter to keep partners updated on the latest news, thought leadership, and industry events shaping open finance. We are committed to transparency and hope this newsletter further bolsters our collaboration.

Key product updates

Plaid is future-proofing data access 

To date, we’ve signed data access agreements with the majority of the top 10 US banks—supporting our goal to remove credentials from the ecosystem—and worked to future-proof data access through secure and reliable API connectivity. Over the last 12-18 months, we’ve evolved from cooperation to deep collaboration with financial institutions (FIs) and fintechs. Together, we’re accelerating the open finance journey by digitally connecting consumers with a variety of financial services, tools, and apps that they need to live a healthier financial life.

Plaid champions Universal Data Access

Plaid is building a multi-directional open finance network across the ecosystem. We believe that consumers can benefit from accessing and controlling fintech data as well as FI account data. FIs would also benefit from leveraging customer financial data derived from major fintech companies and the apps and services their customers use. That’s why Plaid has been creating the technology infrastructure to enable a multi-directional open finance network across the ecosystem. Learn more about our commitment to Universal Data Access.

Updates to developer policy encourage bi-directional data sharing

We’re making our commitment to an open financial ecosystem widely known and changing our customers’ developer policy in an effort to encourage data sharing. The developer policy update strongly encourages customers to enable access from their accounts and offers easy tools to connect to Plaid. Learn more here.

Thought leadership and trends impacting open banking

Plaid’s latest research and insights 

Read our recently published articles on industry trends and technology impacting open banking. Digital connectivity is driving bank selection for 76% of US consumers—learn more in our 2021 Fintech Customer Survey. Meanwhile, consumers’ use of digital finance has grown by 30% since 2020. Learn how to efficiently execute your open finance roadmap in this white paper about open finance and gain insight into how to best define your open finance data infrastructure. 

Investing in financial inclusion

As part of its commitment to financial inclusion, Plaid presented open finance recommendations to Community Development Financial Institutions and Minority Financial Institutions during its DC Fintech week (Oct. 19-22) presentation. 

Plaid happenings

Partnership spotlight: Plaid enables SVB and Q2 to better serve their customers

Silicon Valley Bank became the first bank to partner with Plaid on its ACH integration. This partnership allows clients to instantly authenticate bank account information with Plaid and securely generate payments via a tokenized payment solution. The partnership was featured in a recent Breaking Banks podcast. 

Q2 announced a partnership with Plaid to provide better digital banking capabilities to hundreds of banks and credit unions. This partnership will enable secure and reliable API-based access across the ecosystem. 

Recent virtual events: Plaid Forum 2021

Our dynamic virtual event explored new products and ideas powering the next generation of digital financial services. If you missed Plaid Forum, make sure to check out our Fireside Chat: The future of open finance.

In Other News 

Inside Plaid’s plans to build a new, global finance network (TechCrunch)

The Great Data Debate: A Plaid Point of View (Forbes)

Plaid Makes Key Hire to Expand Partnership with Banks (San Francisco Business Times)