Plaid, a fintech company, has provided an update on its open finance strategy in a recent blog post. Plaid believes that consumers should have safe and reliable access to their financial data and be able to share it with the tools and services of their choice. To support this belief, Plaid has built a network that ensures consumers have the right security and protections in place as they rely on fintech solutions. Plaid continues to establish new partnerships and innovations with industry partners, including financial institutions, auto companies, and fintech tools. These partnerships allow Plaid to offer secure API integrations for customers, and many banks recognize the benefits of connecting their accounts to different products and services. Plaid also works closely with financial institutions to foster innovation and develop new use cases for their customers. They have begun developing new solutions to allow financial institutions to gain insight into where their customers are connecting and disconnecting their accounts. Plaid is pleased to see the Consumer Financial Protection Bureau (CFPB) taking steps to formalize a scheme that protects consumers while fostering innovation in open finance. Looking ahead, Plaid plans to partner with financial institutions and fintechs to unlock the power and potential of open finance for products and customers.
Plaid spills beans on open finance.
