Current launches platform API; collaborates with Plaid to deliver Open Finance Solutions

By Edlyn Cardoza

Current, a leading U.S. financial technology platform serving Americans working to create a better future for themselves, recently announced the launch of its platform API, built to facilitate seamless integrations and embedded banking experiences. Plaid, the API-first data network powering the digital financial ecosystem, is the first-ever partner and will provide Current members access to a credential-less open finance experience.

Current’s platform API enables other FinTechs to build embedded experiences, making this a groundbreaking integration that opens the door for countless additional opportunities. As the first partner to integrate, Plaid will provide Current’s nearly four million members expanded access to innovative digital financial tools and solutions to help them manage their money seamlessly and securely and provide them access to more experiences that can improve their financial outcomes.

“Our new platform API gives open banking partners the capability to embed our core banking technology. We’re thrilled to be working with Plaid, the industry leader in open banking, as our first partner,” said Trevor Marshall, Chief Technology Officer at Current. “We enabled this integration in response to feedback from our members. With Plaid, our members can access experiences that can help improve their financial lives with control and security.”

Current members can now easily connect their accounts to thousands of other FinTech apps, including digital payments, financial planning, and investment tools, on the Plaid network. The rapid integration was made possible by Current’s API and leverages phone number and device authentication, eliminating reliance on banking credentials from the ecosystem and providing a frictionless customer experience.

Current is one of the most requested FinTech apps when users connect their accounts to digital financial services in Plaid Link. Current chose Plaid as its first API partner because of its strong industry reputation as being a secure, reliable open finance leader that has built integrations with more than 12,000 financial institutions, including Neobanks and FinTechs.

“Millions of Current members will now have secure access to the more than 6,000 apps and services powered by the Plaid network through our open finance partnership,” said Raja Chakravorti, Partnerships Lead, Universal Access at Plaid. “We’re thrilled to enable a simple, secure on-ramp to digital financial services for Current members, who are often banking for the first time in their lives. The integration ensures that consumers are in control of where and how their financial data is permissioned and shared, information that is essential to setting up a healthy financial life.”