PortX, a leading financial infrastructure and integration technology, has announced a strategic partnership with Plaid, a key player in the digital financial ecosystem.
This collaboration brings together PortX’s expertise in digital core banking integration with Plaid’s industry-leading data connection capabilities.
The alliance is set to transform the FinTech sector, leveraging the strengths of both companies to revolutionize data harnessing by financial institutions. This partnership aims to significantly enhance data sharing capabilities, ensuring secure, efficient, and comprehensive financial data management for PortX’s clients, leading to more personalized services and deeper financial insights.
PortX operates as a systems integrator and middleware provider, focusing on facilitating interoperability between internal systems and services such as online banking, credit checks, and real-time payment networks. On the other hand, Plaid excels in secure data connectivity and has a strong footing in the open banking sphere with its Core Exchange, an FDX-aligned API.
This partnership marks a significant expansion in API capabilities and open banking participation. It empowers financial institutions to offer advanced digital banking and embedded banking services, aligning with the current trends and customer needs in the financial sector.
Plaid Head of Partnerships Tamara Romanek 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 transform 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.”
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