Global payments company American Express has partnered with US-based financial technology firm Envestnet | Yodlee to offer customers new digital banking options. Following this announcement, the API-based integration is set to allow American Express customers to have security, control, and transparency over the shared financial data with their financial service providers.

The new digital banking solutions will be available without the risk of compromising the client’s account security. Furthermore, the products were designed to provide a seamless connection to other financial tools that are effective and secure, including applications that were designed to improve the management of finances and the overall account balance. More details on the collaboration Customers of American Express will be able to use their account information and data to enhance the manner in which they manage their personal finances and business expenses.

This was made possible by using a suite of secure connections with a variety of applications that were trusted on the Envestnet | Yodlee platform. Moreover, the partnership focuses on eliminating the need for credential sharing, improving data accuracy and reliability, as well as accelerating financial data access. American Express’s Account Financials API will enable clients to share their financial data while maintaining the overall privacy of their user credentials.

Included in the list of features users can benefit from are: control and transparency (customers will be able to understand and manage their connections to any financial service provider applications while having enhanced visibility over their data and where it is used or shared), improved reliability (the directed account information is shared in real-time), fewer sign-on disruptions (connections will be more stable and might last longer with the API integration), as well as improved overall safety. Both of the companies are currently working on completing the majority of the migration for all the in-scope US services in 2023, as the technical integration between them is underway. American Express’s past partnerships American Express had multiple partnerships and collaborations in the last couple of months, covering several geographic areas around the world. In June 2023, the company signed a strategic deal with data network Plaid for an API-based integration, aimed to provide new digital banking options for clients, as well as improved account security.

The customer-permissioned data-sharing deal prioritised the increase of the digital finance options for users, with a multitude of American Express clients being able to connect in a secure and effective manner to Plaid’s +8,000 applications across the digital banking ecosystem. This happened without customers being required to share their American Express password with a third party. Earlier in the same month, American Express partnered with Australia-based fintech startup Bluechain for streamlining the supplier payment process for SMEs.

The companies focused on delivering an invoice-management service that enhanced the way small business owners managed, paid, and reconciled supplier invoices from a single dashboard on a desktop or a mobile device .