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Microsoft & Plaid partner to provide Money in Excel

Companies outside the field of financial service are coming forward to help manage financial lives and make money easier for all. Microsoft has announced that the company has collaborated with Plaid and added a new facility for Microsoft 365 that can convert the spreadsheet software, Excel into a FinTech app. The new feature helps consumers in syncing their balances and transactions from financial accounts and categorize and analyze through charts and templates.

The coronavirus pandemic has increased the need for companies to adapt and improve their services to meet the needs of consumers. In light of what’s happening around the world, the need for the digitally delivered financial system has increased more than ever. People are looking for digital alternatives and this may have a long-lasting impact on their behaviour.

Plaid provides the permissioned connection to financial accounts via Plaid Link from directly within the Microsoft Money in Excel experience. Once the accounts are linked, individuals can access their balance and transaction history, providing an up-to-date financial picture. To better understand the users spending behaviour Money in Excel features a Monthly snapshot, it also supports customization by adding relevant features like recurring expenses, net worth, and more.

“Focusing on the future can be difficult when there is so much uncertainty in the here and now. However, many of today’s successful FinTech companies were born out of the 2008 financial crisis and we believe the next wave of FinTech will come from companies outside of the traditional financial services world that have adapted and improved their services to meet the needs of consumers during the coronavirus pandemic. Companies should take care of employees and customers first, but also push themselves to deliver better experiences during these challenging times,” posted Eric Sager COO at Plaid.

Money in Excel will be made available in the U.S. in the coming months.

Founded in 2012, Plaid is focused on building the enabling infrastructure for financial services that provide secure and efficient way to move financial data, reducing fraud and providing more product and service options to consumers that can improve their transparency and control over personal financial information. The FinTech connects to over 11,000 institutions across the US, Canada, and Europe.

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