Plaid partners with Jack Henry to enable Plaid Exchange for over 350 banks

By Pavithra R

California based Plaid, a FinTech company democratizing financial services through technology has announced partnering with Jack Henry & Associates to enable Plaid Exchange for financial institutions on Banno Digital Platform.

Plaid launched Plaid Exchange as the industry’s first open finance platform, enabling banks, wealth managers, and FinTech firms to offer a secure, reliable means for their customers to connect accounts to apps and services as well as provide the tools needed to manage and monitor these connections.

The COVID-19 pandemic has resulted in an unprecedented digital transformation for the financial ecosystem. A recent study by Capital One and the Decision Lab found that 77% of Americans experience anxiety due to their financial situation, an issue intensified by this year’s pandemic and subsequent economic downturn. Consumers are increasingly turning to FInTech to manage and improve their finances, which makes it more critical than ever that institutions support connections across the financial ecosystem.

Through the partnership, Jack Henry customers will have “zero-lift” access to the Plaid network. Institutions leveraging Jack Henry’s Banno Digital Platform can now give their account holders secure and reliable access to various Plaid-powered FinTech apps they’ve come to rely on in their everyday financial lives. The integration is also expected to maximize efficiency for participating financial institutions and help ensure more reliable connections when consumers permission their accounts to Plaid-powered applications. The service is available for Banno clients at no extra cost. 

Plaid has also announced the official launch of the Plaid Exchange Partner Program, which began in collaboration with MuleSoft, a leading API management platform. This program welcomes organizations interested in enhancing the suite of capabilities they offer financial institutions by adding support for Plaid Exchange, specifically for partners in the following categories: banking platform providers, API management platform, software development companies and industry groups.

Founded in 2012, Plaid is focused on building the enabling infrastructure for financial services that provide a 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.