March 2020 Summaries

The increasing need for digitally delivered financial systems has become more evident due to the ongoing global crisis. Many companies are adapting and improving their services to meet consumer demands, with fintech becoming an integral part of various industries. Microsoft's recent Excel update is a prime example of how non-financial service companies can deliver innovative fintech experiences. The expansion of the global fintech ecosystem will provide more choices for managing financial lives and make money easier for everyone. Plaid aims to build enabling infrastructure that drives innovation in this sector, with many successful fintech companies emerging from past crises.

Microsoft has announced `Money in Excel`, a new feature that integrates with Plaid to provide users with secure access to their financial accounts, syncing balances and transactions over time, and offering greater insights into their financial health. The integration allows users to connect their accounts via Plaid Link, providing an up-to-date and holistic view of their finances. With the feature, users can also import transaction data, create personalized charts and graphs, and customize templates relevant to their needs, such as recurring expenses and net worth calculations. The goal of Money in Excel is to make money easier for everyone, aligning with Plaid's mission to simplify financial services. The new feature will become available in the U.S. in the coming months.

Branch is a financial app designed to assist working Americans facing cash flow challenges by providing solutions for unplanned expenses. It collaborates with employers to offer no-cost advances on earned wages, which can be deposited into the Branch Wallet, a zero-fee bank account with an accompanying debit card. In addition to these advances, Branch provides budgeting tools to help users manage their finances between paychecks, aiming to support individuals in achieving better financial health. This service is particularly significant given that over half of Americans live paycheck-to-paycheck, and many lack sufficient savings to cover unexpected costs, such as a $400 emergency. By addressing these financial hurdles, Branch seeks to empower users to improve their financial stability and overcome potential barriers to financial well-being.

Plaid is announcing support for institutions in the Netherlands and opening its second overseas office in Amsterdam to continue creating a more interconnected digital financial ecosystem. The company has built integrations with major Dutch financial institutions, including ING, Rabobank, and ABN Amro, to support the thriving fintech community in Europe. This move aims to provide services that developers need to innovate in the face of global economic challenges, such as those posed by the COVID-19 pandemic. Plaid is committed to making it easy for customers to expand their operations to the Netherlands through existing integrations, and invites new customers to get access to its platform today.

February 2020 Changelog: - Optional transaction refresh feature added for users. - Customizable fields in sandbox environment for testing student loan and credit card debt scenarios. - New endpoint to verify incoming webhooks' authenticity. - Android SDK version 1.0.0 released, out of beta with bug fixes and updates notifications. - Developer Dashboard design updated.