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Plaid is expanding its application programming interface (API)-based data sharing network.The firm is now migrating 100% of its traffic to APIs for financial institutions, including Capital One, J.P. Morgan Chase, USAA and Wells Fargo, Plaid Head of U.S. Financial Institution Partnerships Christy Sunquist wrote in a Thursday (May 11) blog post.Plaid has also signed agreements with RBC, Citibank and M&T, and it will migrate its traffic to their APIs in the coming months, according to the post.“Our goal is to remove the need to rely on screen scraping in order for consumers to use the apps and services they want, and the momentum across our API integrations will help the industry get there faster,” Sunquist wrote.Plaid has been working with financial institutions to set up an API-based data-sharing network for a decade, according to the blog post.Last year, the company launched Core Exchange, which helps community banks, credit unions, FinTechs and digital banking platforms plug into Plaid’s network via the Financial Data Exchange (FDX) API specification. To date, more than 2,100 such organizations have done so, the post said.By participating in Core Exchange, they can adopt open banking and enable their customers to connect their accounts to apps in Plaid’s network via API, per the post.“It’s exciting to see all corners of the industry come together to embrace open finance and unlock exponential value for consumers as they move their financial lives online,” Sunquist wrote.Partnerships recently announced by Plaid illustrate the benefits open finance can offer to consumers.For example, Buddy, a budgeting app for Generation Z, partnered with Plaid in April to allow its users to securely connect their financial accounts and track their spending.In February, Mission Lane expanded its collaboration with Plaid to offer underbanked consumers access to digital payments, financial planning and investment tools, and other resources powered by the Plaid network.In December, Australian FinTech Airwallex teamed up with Plaid to offer its customers faster automated clearing house (ACH) payments and a safer, cost-efficient way to authorize debits from their bank accounts

Purpose-driven fintech Mission Lane today announced it is expanding its partnership with the data network Plaid to bring secure open finance solutions to its two million-plus customers.The expanded partnership leverages Plaid’s innovative open finance API data connectivity solution, which allows customers to securely connect their Mission Lane branded accounts to more than 7,000 apps and services powered by the Plaid network, such as digital payments and financial planning and investment tools to help them improve their financial outcomes.Ensuring all consumers have access to modern financial tools has never been more critical. Facing inflation, market volatility and risk of recession, consumers are more reliant than ever on digital financial tools. Plaid’s 2022 Fintech Effect Report found that more than half of Americans (53%) say that their financial stress increased over the past year, and 77% say accessing their finances from anywhere is helping them navigate a challenging economy.“In today’s world, consumers expect their finances to be seamless and at their fingertips. This is especially true for the many customers we work with who are trying to build or rebuild their financial lives and want to have a full picture of where they stand,” said Shane Holdaway, CEO of Mission Lane. “We are so excited to expand our partnership with Plaid, which will help us serve more consumers and offer a connected, open finance solution across our products.”“Plaid is excited to expand our partnership with Mission Lane to ensure that even more people will benefit from financial inclusion,” said Eric Sager, COO of Plaid. “The expanded partnership with Mission Lane will help millions of customers securely connect their accounts to the apps and services which will help those customers build the credit they need to lead healthier financial lives.”Plaid and Mission Lane have a shared vision to advance financial access to all