November 24, 2020
Plaid and Jack Henry partner to enable Plaid Exchange for over 350 banks
A recent study by Capital One and the Decision Lab found that 77% of Americans experience anxiety due to their financial situation—an issue intensified by this year's pandemic and subsequent economic downturn. Consumers are increasingly turning to fintech to manage and improve their finances, which makes it more critical than ever that institutions support connections across the financial ecosystem.
At Plaid, we believe it’s important to make sure everyone has the same ability to benefit from fintech, no matter where they bank. In May, we launched Plaid Exchange as the industry’s first open finance platform, enabling banks, wealth managers, and fintech firms to offer a secure, reliable means for their customers to connect accounts to apps and services as well as provide the tools needed to manage and monitor these connections.
An ideal partner in Jack Henry
Since the launch of Plaid Exchange, we’ve learned that many financial institutions need technical support in implementing the platform. That’s why we're excited to partner with Jack Henry & Associates® to enable Plaid Exchange for financial institutions on their Banno Digital Platform.
With this partnership, Jack Henry customers will have “zero-lift” access to the Plaid network. The more than 350 institutions currently using Jack Henry’s Banno Digital Platform can give their account holders secure and reliable access to the thousands of Plaid-powered fintech apps they’ve come to rely on in their everyday financial lives. Further, the integration will maximize efficiency for participating financial institutions and can help ensure more reliable connections when consumers permission their accounts to Plaid-powered applications. It will also come at no cost to Banno clients.
Both Plaid and Jack Henry care deeply about building superior technological solutions for financial institutions, and we are excited to pursue this goal together. We look forward to bringing Banno’s community of financial institutions onto the Plaid Exchange network in the coming months.
An expanding partner network
In addition to our partnership with Jack Henry, we’re pleased to announce the official launch of the Plaid Exchange Partner Program, which began earlier this year with our collaboration with MuleSoft, a leading API management platform. This program welcomes organizations interested in enhancing the suite of capabilities they offer financial institutions by adding support for Plaid Exchange.
In particular, we’re looking for partners in the following categories:
Banking platform providers: Integrate with the Plaid Exchange API so that your institutions are supported across the Plaid ecosystem with little or no resource requirement or investment.
API management platforms: Integrate with Plaid Exchange so that institutions can build into Plaid Exchange using your existing API tooling.
Software development companies: Add a new development capability for Plaid Exchange to enhance your value proposition to financial institution clients.
Industry groups: Support financial institution members in understanding the value of integrating with Plaid Exchange to connect to thousands of fintechs.