Company
Date Published
Author
Christy Sunquist
Word count
452
Language
English
Hacker News points
None

Summary

Plaid has been working to bring secure connectivity to consumers for over a decade, forging relationships with financial institutions to set up an API-based data sharing network that supports consumers' data rights. This effort has led to the adoption of APIs by major financial institutions such as Capital One and JPMorgan Chase, enabling millions of consumers to connect their accounts to apps in Plaid's network via API integration. The company recently announced the migration of 100% of its traffic to APIs for these institutions, aiming to remove screen scraping reliance and accelerate industry-wide adoption of open finance solutions. Additionally, Plaid has introduced Core Exchange, a "one size fits all" solution that enables community banks, credit unions, fintechs, and digital banking platforms to plug into Plaid's network via the Financial Data Exchange API specification, with over 2,100 institutions now accessing its open finance solutions.