Financial Access Newsletter - March, 2023

Plaid supports banks, credit unions, and other data partners with the tools and resources they need to deliver secure and reliable data connectivity. Together, we are building a safer financial ecosystem. 

Introducing Security Portal

Plaid’s newly launched Security Portal demonstrates our commitment to data safety and security. This portal supplies the information required to understand Plaid’s security practices. It also provides additional transparency and detail around our robust security processes to assist with diligence assessments. We will regularly update our Security Portal with the latest information regarding our security practices, audit reports, certifications, and other related documents.

Today’s consumers prioritize trust, transparency, and control when choosing and using financial services. They demand clarity about financial data management and privacy practices as they engage more with digital finance. Plaid’s security, risk, and compliance teams are hard at work to protect and empower consumers as they continue to digitize their financial lives. 

In this quarter’s newsletter, we describe how financial services providers are using open finance to innovate, deliver seamless connectivity, and protect their customers’ data privacy. We also share strategies for success in a digital world. 

What’s New? 

Okta and Plaid partner to help easily execute OAuth builds 

Okta and Plaid’s partnership offers a combined OAuth solution for streamlined and secure authentication, authorization, and aggregation of shared consumer-permissioned data. This new solution helps you quickly execute OAuth builds to enable API connectivity for your customers. Learn more.

Plaid Link launches new consumer privacy tools 

Data Transparency Messaging (DTM), a beta feature in Link, gives people a new way of understanding the information needed to power an app or service that they want to use. We plan to make DTM broadly available for implementation in the coming months. 

Enriched data now creates loan opportunities

Plaid’s Enrich API cleanses, categorizes, and enhances the transaction data you retrieve directly from end-users, payment processors, and data aggregators. This can help you personalize product offers and uncover actionable insights using your first-party transaction data. Send us a note at enrich-feedback@plaid.com or reach out to your partnerships lead to learn more. 

Webinars & Events

Banks will continue to lead fintech innovation in 2023  

Plaid’s executive team recently shared their fintech predictions and insights for 2023 including changes to the competitive landscape, the launch of the FedNow real-time payments platform, and anti-fraud market consolidation. 

Banks will continue using consumer-permissioned data to develop innovative products and tailored financial solutions. “We're increasingly seeing the convergence of the two sides of the network where banks are now also the consumers of permissioned data,” noted Ginger Baker, Head of Financial Access. Watch the Fintech Predictions Tech Talk or read about the biggest trends and opportunities in fintech.

In a recent CNBC interview, Plaid Co-founder and CEO Zach Perret highlights how banks are gaining fintech market share, pointing out that, “The banks themselves are the biggest fintech companies.” 

Strategies for success in a digital word

What does consumer privacy look like in the digital age? Watch this American Banker webinar featuring industry privacy experts including the Chief Privacy Officer at Bank of America to learn about the evolving regulatory landscape, changing consumer expectations, and how the industry can put consumers at the forefront of the digital finance ecosystem. You can also catch all the webinar highlights on our blog.

How data partners deliver customer value with Plaid

Mission Lane expands Plaid partnership 

Mission Lane and Plaid’s expanded partnership will provide additional Plaid capabilities to Mission Lane’s more than two million customers, many of whom lack access to traditional financial services. Plaid and Mission Lane have a shared vision to advance financial access to all. With the partnership, Mission Lane now utilizes more than 10 Plaid solutions and services to help realize this mission. 

Data partners deliver more value via Core Exchange 

Cross-border payment provider Wise uses Core Exchange to help customers send, spend, hold, and receive money from over 50 currencies. They’ve already connected over 15,000 customers using this API solution. Wise customers use Permissions Manager to easily make changes to which apps are linked to their account.  

TAB Bank uses Core Exchange to better meet the needs of the financially underserved including thousands of small businesses, families, and individuals nationwide. They’ve seen a significant decrease in the number of support calls since expanding API connectivity and OAuth with Plaid. 

UW Credit Union and its 326,000+ members can now access their data and connect their accounts to popular financial tools without having to share credentials.

Guidance for your open finance journey

How is open finance unlocking a connected financial world? Discover how open finance is transforming the future of fintech in this article. 

How does interoperability support API data connectivity? Learn why data partners are choosing to implement secure, reliable API-based data sharing in this blog post.