Plaid Launches Plaid Exchange to Further Open Banking

Ron Shevlin writing in Forbes gives his perspective on Plaid’s launch of Plaid Exchange or PX; According to the press release: “As fintech adoption has grown so have the needs of those institutions who must now manage unprecedented customer connections across thousands of fintech apps. Plaid Exchange gives institutions an open finance platform that includes everything they need to manage the data connectivity customers demand.” The idea behind PX is to provide banks with API connectivity in a box; this includes the ability to update data when it is available, security and network notifications and digital roadmaps; Gateway API will give the ability for a financial institution to use Plaid as an integration layer for data aggregators or fintechs it wants to enable access to and from; banks will also be able to leverage secure tokenization to maintain account connectivity and another benefit is smarter scheduling and load management for data updates; Shevlin dives into the target market, cost, and much more in his Forbes piece. Forbes

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