Backbase and Plaid launch integrated open finance solution

By Vriti Gothi

Backbase has partnered with Plaid, aimed at addressing data fragmentation in banking through an integrated open finance solution embedded within Backbase’s AI-powered Banking Platform.

The collaboration combines Plaid’s real-time financial data connectivity and enrichment capabilities with Backbase’s digital banking infrastructure. The companies said the joint offering is designed to streamline customer onboarding, enable seamless account aggregation, and support more personalised financial journeys.

Banks continue to grapple with siloed data environments and legacy integrations that complicate digital transformation initiatives. Disconnected systems often lead to extended onboarding cycles, inconsistent customer data views, and higher operational costs. The integration seeks to mitigate these issues by providing pre-connected access to permissioned financial data within a unified platform environment.

“Data is only valuable when it is actionable and understandable,” said Mayank Somaiya, Global Vice President and Head of Ecosystem Partnerships at Backbase. “By integrating Plaid’s aggregation and enrichment capabilities, we are enabling banks to move beyond raw transaction lists. We are providing a pre-integrated solution that gives customers a holistic, 360-degree view of their financial health enriched with the clarity they expect—without the burden of building it from scratch.”

Plaid’s network connects more than 12,000 financial institutions and 7,000 FinTech firms, positioning it as a key infrastructure provider in the open finance ecosystem. Backbase, which works with more than 100 banks globally, has focused on modernising front-to-back banking architecture through modular, API-driven platforms.

Adam Yoxtheimer, Head of Partnerships at Plaid, said the integration addresses the growing role of artificial intelligence in financial services. “Artificial intelligence is rapidly changing what’s possible in financial services, but only with strong data foundations. By combining Plaid’s real-time connectivity and intelligence with Backbase’s Banking Platform, more banks can access the permissioned data and corresponding insights needed to deliver enhanced, personalized experiences.”

The solution is available to banks globally, with implementation support provided through Backbase’s ecosystem teams. Both firms indicated they plan to expand the partnership in response to evolving client and regulatory requirements.

The agreement reflects a broader industry trend toward embedded open finance capabilities within core digital banking platforms, as institutions seek to accelerate innovation while maintaining control over compliance, security, and customer data governance.