US-based open banking platform Plaid has launched its services into the UK, with plans to deploy across the rest of Europe.
The company has released a number of products which let users in the US connect and use their money, regardless of where they keep it, whether that’s with traditional institutions, credit unions or challenger banks. With this release in the UK, the WealthTech company is hoping to do the same in Europe.
Current partners of the Plaid will be able to easily extend their services reach to the UK through its integration with Plaid.
In order to further enhance its offerings for customers, Plaid is seeking more partners. This can be a startup looking to release an innovative solution, or a large enterprise wanting to access FinTech solutions.
UK companies can now leverage Plaid to deploy solutions for transactions, identity, authentication, balance, income and assets. The WealthTech is hoping to build an open banking solution which can offer both local expertise and a global opportunity.
By integrating the Plaid APIs, companies can access 24 months of transaction data from thousands of financial institutions, authenticate any bank or credit union accounts for ACH and EFT payments, and have real-time verification of account balances.
Plaid’s identity API verifies user identities against bank account details, including names, phone numbers, addresses, and emails, helping companies to lower instances of fraud. The Income software also combats fraud by analysing bank deposits to validate a user’s income and employer information, removing the need of manual paystub uploads.
In a blog post, the company said, “The UK fintech community is thriving. It’s one of the fastest growing sectors in the UK economy and has produced more than 1,600 fintech companies, a number that is expected to double by 2030. As we’ve done in the U.S., Plaid will become the foundation for that growth by providing access to a financial network that allows developers to deliver the experience users expect from their financial apps.”
Last year, Plaid partners with JPMorgan Chase to improve the protection of customer financial data. Plaid gained access to customer information through the bank’s API connection, letting customers of JPMorgan connect their information with Plaid and make use of other FinTech apps supported through Plaid.
