Plaid has launched a partnership with loan origination platform Algebrik AI. The collaboration, announced Monday (Feb. 4), will integrate Plaid’s consumer-permissioned data with Algebrik, allowing for easier identity verification, financial data access and better decision-making for lenders and borrowers. “Credit unions, a key focus of this partnership, stand to gain significant operational advantages,” the companies said in a news release

Plaid’s revenue reportedly rose more than 25% in 2024 as more consumers encountered its tech. In fact, at least half of all Americans used the company’s services in some way, Bloomberg News reported Tuesday (Jan. 14), citing a source familiar with the matter. The report notes that the company’s growth occurred despite an otherwise harsh funding and borrowing environment for FinTechs after interest rates rose following the COVID pandemic. Use of Plaid’s identity verification product jumped more than 400% last year, the report said, while use of its payment product more than tripled

On Thursday, the financial tech startup Plaid announced it will open a corporate office in the vicinity of Durham and Raleigh, adding a fifth hub to its existing footprint in four major cities.

What does the fintech industry need more of?At this year’s FTT Fintech Festival, we asked passionate professionals what they thought the fintech industry needs to thrive in the coming years. There were urgent calls for collaboration, the importance of advancing open banking with PSD3 and much more.Read on to find out more insights that could shape the future of fintech and watch the video above!At the Festival in November, we asked a number of industry professionals for their quick-fire answers to some quick-fire questions, this time they shared their insights on the most pressing needs for the fintech sector. Common themes emerged, but we also got a few unique suggestions.Collaboration is keyOne of the biggest things that came up was a resounding call for greater collaboration amongst different players in the ecosystem. Raquel Soares from Edenred Payment Solutions, Matthew Addison from Smartnumbers and Nicolas Kendall from GDS all emphasized that a more unified approach among fintech players could strengthen the industry. While individual organizations excel in their niches, one speaker pointed out that the sector would benefit from more collective efforts to tackle shared challenges. It’s a key area that we hear fintechs talking about all the time and would definitely lead to a more cohesive ecosystem.Transparency, Data, and SecurityAnother key one that came up was the importance of transparency and security

Empowering banks to attract the next generation of customers.At Money20/20 USA we had the pleasure of speaking to Hashim Toussaint, Head of Digital and Open Banking at FIS who lets us know how they’re helping banks engage and retain younger, digitally savvy consumers.APIs have a huge role to play in this and their Code Connect platform is helping banks innovate even faster through their marketplace. Watch this great interview to find out how FIS is empowering banks to roll out new services and differentiate in a crowded market.The Rise Of API Based BankingToussaint, who leads the digital and open banking initiatives at FIS, shared insights which shed light on both the competitive landscape of digital banking and the role that APIs can play. They’re now being used by 70% of banks to support internal purposes, and 30% of banks use them externally. According to McKinsey many companies now expect APIs to lead to increased revenue.One of the main drivers behind their use, identified by Toussaint, is attracting and retaining younger consumers whose banking preferences differ markedly from those of previous generations. These digital-native consumers tend to use multiple banking services, making it difficult for traditional banks to capture and keep their attention. FIS is focusing on building seamless and accessible customer journeys to meet the expectations of these younger customers

Last week, Nacha said its Payments Innovation Alliance formed a new project team seeking to answer the question, “What is pay by bank?”. Via the project, financial institutions, providers and FinTechs, will delve into identifying “operational, risk and educational issues” associated with what Nacha called the “common industry term of art.”. On the face of it, sending money directly from one’s bank account to pay for goods, services or recurring charges, such as rent or utilities, sounds simple. The electronic payment option should be able to gain ground in everyday financial life, especially with progress in the United States being made with faster payments and the recent finalization of data-sharing rules

Below, let's explore how Plaid integrates with PayPal, the benefits of this connection, and potential use cases for businesses.

Salsa is thrilled to announce a strategic partnership with Plaid, the leading, trusted data network powering the digital financial ecosystem, to deliver a seamless, out-of-the-box integration that transforms payroll by simplifying complexities and enhancing the employer experience.

Set to go live in early 2025, this premiere payments solution will integrate Plaid's instant account verification (IAV) and network-powered risk assessment capabilities into Dwolla's pay by bank platform.

Open-banking platform Plaid is collaborating with digital-wallet provider Ansa to offer a pay-by-bank capability to restaurants and other merchants, with wallet transactions handled via the automated clearing house.

Plaid has introduced a new product designed to help businesses allow their customers to pay bills directly from a bank account. The new Plaid Pay by Bank for Bill Pay is designed to provide consumers with a more seamless, cost-effective and secure way to pay bills, and to help businesses benefit from lower processing costs and fewer returns for all types of recurring payments, the company said in a draft of a Tuesday (Oct. 8) blog post emailed to PYMNTS. “Every company is looking to grow and lower costs,” Brian Dammeir, general manager and head of payments at Plaid, said in the post. “Getting more customers to pay directly with their bank account for more types of payments is a clear way to do both. In fact, when we combine a great user experience with optimal verification and intelligent risk assessment, Pay by Bank for Bill Pay can deliver a more reliable experience than cards.”