American Express has partnered with data network Plaid for an API-based integration set to offer new digital banking options for customers and better account security. The customer-permissioned data sharing agreement seeks to increase digital finance options for customers, with a multitude of American Express customers being enabled to connect with increased safety to Plaid’s 8,000+ apps and services across the digital banking ecosystem, without being required to share their American Express password with a third party.

This is believed to be important as US-based consumers use, on average, three fintech apps to manage their finances. American Express – Plaid collaboration details Based on the information provided in the press release, by integrating Plaid-powered services with the American Express Account Financials API, customers are provided with transparency and control over where and how their financial information is permissioned and shared. Furthermore, the integration helps remove the need for customers to share their American Express credentials with other parties apart from American Express in the ecosystem.

In addition, customers are enabled to leverage American Express’ secure authentication procedures designed to improve the security of their transactions ahead of releasing their account financial information to the third parties they trust. Danielle Cloud, Senior Vice President, Enterprise Data Governance & Platforms at American Express stated that the agreement showcases the company’s commitment to offering its customers the security, control, and transparency they demand when sharing their account data with the financial apps of their choosing. The spokesperson added that with Plaid, American Express is furthering its effort in creating an increasingly safe digital experience for its customers in a world where people are more reliant on a wide array of digital tools to manage their finances.

American Express’ Account Financials API enables customers to share their financial data while maintaining their user credentials’ privacy, with some of the benefits including: Increased security. Being supported by the OAuth2 protocol, the AmEx Account Financials API offers customers increased control over where and how their financial information is accessed and shared. Better reliability. Customer-directed account information is shared in real-time. Improved control and transparency. Reduced sign-on disruptions.

Due to the API integration, connections are more stable and last for longer periods of time, enabling simplified sign-on. Christy Sunquist, Head of U.S. Financial Institution Partnerships at Plaid advised that the company aims to help all consumers benefit from safe and reliable access to their data, adding that they are looking forward to collaborating with American Express to facilitate secure connectivity for their account holders to the numerous apps in the Plaid network.

Per the announcement, the launch of the API-based integration with Plaid is set to begin in 2023. For more information about Plaid, please check out their detailed profile in our dedicated, industry-specific Company Database. .