Alkami Enhances Banking Services with Plaid API Access

Alkami, a leading digital banking solutions provider, has unveiled an exciting partnership that will empower its financial institution (FI) clients. They will now have access to Plaid’s application programming interface (API), marking a significant move in the world of digital finance, according to PYMNTS.

Plaid, known for its extensive data network that supports over 8,000 financial services and applications, offers a robust platform for secure financial data sharing. Alkami’s decision to integrate with Plaid’s FDX-aligned API, Core Exchange, is a pioneering move in the industry. According to Alkami, the majority of financial institutions already live on this platform, making them the first and largest major platform to fully implement it.

Collaborations like this one between Alkami and Plaid are poised to play a crucial role in scaling secure and reliable financial data sharing swiftly and efficiently. This integration is seen as a significant validation of the growing adoption of digital banking APIs, demonstrating the importance of staying ahead in this rapidly evolving industry.

Melissa Henricks, Vice President of Product Management at Alkami, expressed their commitment to staying at the forefront of innovation: «This new, seamless access to a range of innovation-driving offerings from Plaid will support our bank and credit union clients as they strive to compete with emerging FinTechs, big tech, and megabanks.»

One of the key advantages of this partnership is the ability for Alkami’s FI clients to provide their account holders with reliable user experiences. Account holders can easily link their accounts to Alkami, benefiting from a highly secure API connection. In turn, Alkami-powered financial institutions will experience reduced friction, ultimately leading to lower call center volumes.

Plaid’s Head of Payments, John Anderson, highlighted the evolution of FinTechs and embedded finance as a game-changer. He pointed out that consumers are becoming increasingly comfortable with FinTech experiences and open finance apps, fostering trust and reducing barriers to adoption. Advances in payment networks and money movement ecosystems are further enhancing security and the user experience.

«As things become easier, you realize how finances are threaded across your day-to-day life,» Anderson stated. «Then, when friction comes down and things become safer and more secure, all these use cases and experiences, like walking into a bank or applying for a loan, suddenly and seamlessly become part of your day-to-day life.»

Alkami’s collaboration with Plaid represents a significant step forward in the world of digital banking. By providing their clients with access to Plaid’s API, they are ensuring that financial institutions can offer their account holders secure and reliable user experiences, ultimately positioning themselves to compete effectively in a rapidly evolving financial landscape.