Alkami, a provider of digital banking solutions to US financial institutions, has given its clients direct access to Plaid‘s data network, which supports over 8,000 popular financial apps and services through an application programming interface (API).
This partnership marks a significant milestone for Alkami, making it the first major platform fully integrated with Plaid‘s FDX-aligned API, Core Exchange. Collaborations between technology providers like Alkami and platforms like Plaid are key to rapidly expanding secure and dependable financial data sharing with minimal technical complexity.
“The standardisation of secure data sharing is integral as we move towards an open finance future,” said said Don Cardinal, managing director of FDX, a non-profit industry standards setting organisation dedicated to a common interoperable standard for secure and convenient access of permissioned financial data. “It’s great to see that more than 200 institutions will benefit from this integration via the FDX aligned, Core Exchange API from Plaid”
While Melissa Henricks, vice president, product management at Alkami, also commented: “This integration is also a major validator for digital banking API adoption, and we are proud to be the first and largest major platform to be fully live on the FDX aligned API, as we know that this implementation will only become more critical in our industry.
“This new, seamless access to a range of innovation-driving offerings from Plaid will support our bank and credit union clients as they strive to compete with emerging fintechs, big tech and megabanks.”
Plaid has also expressed its commitment to providing financial institutions with an easy and secure pathway to engage in an open finance future. With the FDX aligned API in place, Alkami’s financial institution clients can provide a reliable and consistent user experience for their end account holders, who can connect and link their financial accounts with Alkami.