American Express & Plaid streamline digital finance options for customers

By Delisha Fernandes

American Express has announced an agreement with Plaid, a data network that powers the digital financial ecosystem, for an API-based integration that will provide new digital banking options for customers while enhancing their account security.

Millions of American Express customers can connect even more safely to Plaid’s 8,000+ connected apps and services across the digital banking ecosystem without sharing their American Express password with a third party.

Integrating Plaid service with American Express’ Account Financials API offers customers transparency and control over where and how their financial information is permissioned and shared. The integration also removes the need for customers to share their American Express credentials with any other party besides American Express in the ecosystem.

It allows the customer to leverage American Express’ secure authentication procedures designed to enhance the security of their transaction before releasing their account financial information to the third parties they trust.

“This agreement reflects American Express’ commitment to providing our customers with the security, control and transparency they want when sharing their account data with financial apps of their choosing,” said Danielle Cloud, Senior Vice President of Enterprise Data Governance & Platforms, American Express. “With Plaid, we are taking another key step in our effort to create a safer digital experience for our customers in a world where people increasingly rely on various digital tools to manage their finances.”

“At Plaid, our mission is to help all consumers benefit from safe and reliable access to their data,” said Christy Sunquist, Head of US Financial Institution Partnerships at Plaid. “We are thrilled to partner with American Express, a storied brand fundamental to the financial lives of so many, to facilitate secure connectivity for their account holders to thousands of apps in our network.”