PortX has announced a partnership with Plaid, the data network powering the digital financial ecosystem. This collaboration combines the power of PortX’s digital core banking integration experience with Plaid’s industry-leading capabilities for connecting data between applications and bank accounts.
PortX is a financial infrastructure and integration technology company that provides open access to data and drives innovation for financial institutions with its Integration-Platform-as-a-Service (IPaaS),
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The alliance between Plaid and PortX combines the expertise of both companies to change how financial institutions harness data for innovative products and services. For customers of PortX, which operates as both a systems integrator and middleware provider, the partnership significantly enhances their ability to scale up secure and efficient financial data sharing by minimising the technical effort and resource allocation typically required for such an expansive task. This leads to a more comprehensive and holistic view of customer data, enabling these institutions to offer highly personalised services and gain deeper financial insights with greater ease.
“Partners like PortX transforms banking infrastructure for financial institutions”
Tamara Romanek, Head of Partnerships at Plaid, said: “Digital finance is here to stay, in fact, 85% of consumers say they have benefited from using technology to manage their finances. It’s imperative that financial institutions embrace technology the same way their customers have, to maintain account primacy and prepare for the codification of open banking in the US. Partners like PortX transforms banking infrastructure for financial institutions, aiding them in digital transformation and enabling rapid innovation. Together we are enhancing the digital infrastructure and optionality for financial institutions and their customers.”
The partnership sets the stage for more active participation in open banking initiatives, where financial data is shared securely through APIs. PortX’s command over API orchestration and financial services integration, alongside Plaid’s storied expertise in secure data connectivity and Core Exchange, its FDX-aligned API, empowers financial institutions to be at the forefront of open banking.
David Wexler, CEO of PortX, commented: “Our partnership with Plaid is the type of innovative collaboration that can propel the financial services industry into a new era of digital transformation and customer-centric solutions. This partnership represents a significant stride towards a future where financial management is more accessible, efficient, and aligned with the evolving needs of both FIs and their customers.”
