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May 16, 2022

Plaid’s Data Connectivity solutions enable industry-aligned access to fintech applications

Ginger Baker

Financial data access has become table stakes. Today, 88% of U.S. consumers are using digital financial services to better manage their lives. Fintech has become so central that most U.S. consumers (69%) would consider switching banks if their primary account could not connect to their favorite fintech apps and services. To meet this growing demand, financial institutions of all sizes are looking for ways to serve consumers the data access they need. 

Today, we are excited to announce the launch of Plaid’s Data Connectivity solutions. These products make it easy for all types of financial services partners to create products that deliver the secure, seamless data access their customers expect. This solution set includes the new product, Core Exchange, which provides data partners with a streamlined way to implement the Financial Data Exchange API specification. Core Exchange is available in early access starting today. 

Plaid’s Data Connectivity solutions

Plaid’s Data Connectivity solutions help your customers easily and securely connect to Plaid’s network of over 6,000 fintech applications, including 9 of the top 10 most downloaded fintech apps in the Android + App store (from past 30 days as of May 9th, 2022). These products simplify the process of connecting to Plaid’s network with streamlined API implementation guides for all data partners, from large financial institutions and regional banks to neighborhood credit unions, fintechs, neobanks and digital banking platforms. Plaid’s Data Connectivity solutions enable data access, enhance security and privacy, and eliminate third-party credential sharing. 

Today, Plaid’s Data Connectivity solutions include Core Exchange and Plaid Exchange.

Core Exchange

Core Exchange, the newest product in our Data Connectivity suite, provides data partners with a streamlined way to implement the Financial Data Exchange (FDX) API specification. FDX was established in 2018 to align the industry around a common technical standard for sharing financial data. Core Exchange streamlines and simplifies this industry-aligned implementation with a specification that only includes data fields needed to support the most popular fintech use cases. Starting today, Core Exchange is available for early access. Get started with Core Exchange here.

Plaid Exchange 

Plaid Exchange enables data partners to easily support newer, emerging fintech data types like cryptocurrency, which may not yet be covered by FDX. By leveraging Plaid Exchange, you can help your customers unlock cutting-edge fintech use cases. Since its launch in 2020, data partners like SoFi, Chime, Aspiration, Green Dot, Frost Bank, and credit unions and banks supported by Q2 and Jack Henry platforms have leveraged Plaid Exchange to enable millions of connections to fintech applications for their customers. Get started with Plaid Exchange here

API connectivity empowers data partners

Plaid’s Data Connectivity solutions, Core Exchange and Plaid Exchange, are among many tools we’re developing to enable more secure, reliable API connectivity. If you’re interested in learning more about data connectivity or other solutions to power your data sharing goals, visit www.plaid.com/data-connectivity 

"Consumers should have greater control over their data and be empowered to improve their financial health by sharing that data with trusted third parties more seamlessly," said Colby Ross, CEO & Co-Founder at Project Finance. "Project Finance is proud to partner with Plaid to lead the industry shift to an open banking standard.”