US-based end-to-end digital banking provider Bankjoy has partnered with Open Finance provider Plaid to support seamless account management. Through this partnership, Institutions leveraging the Bankjoy platform will now be able to offer their customers API access to Plaid’s network of more than 8,000 fintech apps and services.

In essence, the collaboration allows account holders to use Plaid’s account connectivity tool to add accounts from other financial institutions and fintechs to Bankjoy’s platform in a secure and seamless manner. This way, account holders will gain access to a centralised place to view and manage their finances. Other benefits for account holders include the ability to manage user permissions and securely add new users directly through the digital banking platform.

Bankjoy’s collaboration with Plaid aims to change the way financial institutions engage the businesses within their local communities. They plan to achieve this goal by creating a single place for account holders to access multiple accounts and manage their entire financial ecosystem via online and mobile banking. Plaid’s account connectivity capabilities enables Bankjoy to help banks and credit unions to become the preferred financial service provider for their account holders.

Bankjoy’s solutions include mobile and online banking, online account opening, e-statements, online loan origination, as well as other features such as conversational AI. The company is working to expand its product portfolio and launched several new functionalities and integrations in the past 12 months, including a new, standalone online account opening solution and an upgraded Business Banking platform. Other developments from Plaid In July 2023, Plaid extended its partnership with Nuvei to support a wider range of businesses accepting bank-based payments for multiple use cases.

Nuvei and Plaid also announced their intention to scale their partnership globally before the end of 2023. Nuvei’s global reach, including local acquiring in 47 markets, combined with the Plaid network will enable businesses in multiple regions across the globe to improve their online checkout through offering pay-by-bank experiences. In the same month, Plaid worked with Small business banking app NorthOne to improve cash flow controls for SMEs customers and clients.

Following this collaboration, small businesses and companies using NorthOne gained the possibility to link all their financial accounts in a secure and efficient way. In short, the main goal of the collaboration is to support a healthier and more balanced cash flow, particularly in a slowing macroeconomic environment. For more information about Plaid, please check out their detailed profile in our dedicated, industry-specific Company Database.

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