PortX, a financial infrastructure and integration technology firm, has forged a partnership with Plaid with the intent to expedite access to data and innovation for financial organisations.

Plaid serves as a data network that fuels the digital financial ecosystem.

PortX, on the other hand, with its Integration-Platform-as-a-Service (IPaaS), offers open access to data and catalyses innovation for financial institutions.

The collaboration harnesses the expertise of PortX in digital core banking integration and Plaid’s capabilities in linking data between applications and bank accounts.

For PortX customers, who benefit from its dual role as a systems integrator and middleware provider, the partnership will markedly improve their capacity to scale secure and efficient financial data sharing.

This is achieved by reducing the technical effort and resource allocation typically associated with such a comprehensive undertaking. As a result, a more thorough and holistic view of customer data is attained, empowering institutions to provide highly personalised services and acquire deeper financial insights with increased ease.

Plaid partnerships head Tamara Romanek said: “Digital finance is here to stay, in fact, 85% of consumers say they have benefitted from using technology to manage their finances. It’s imperative that financial institutions embrace technology the same way their customers have – to maintain account primacy and prepare for the codification of open banking in the US.

“Partners like PortX transform banking infrastructure for financial institutions, aiding them in digital transformation and enabling rapid innovation. Together we are enhancing the digital infrastructure and optionality for financial institutions and their customers.”

The partnership is positioned to substantially broaden the horizons of API capabilities in the financial services sector. It will lay the foundation for increased involvement in open banking initiatives, facilitating secure sharing of financial data through APIs.

PortX’s proficiency in API orchestration and financial services integration, coupled with Plaid’s expertise in secure data connectivity and its FDX-aligned API, Core Exchange, empowers financial institutions to lead the way in the open banking revolution.

This capability is said to be pivotal for providing advanced and personalised digital banking, as well as embedded banking services.

PortX CEO David Wexler said: “Our partnership with Plaid is the type of innovative collaboration that can propel the financial services industry into a new era of digital transformation and customer-centric solutions.

“This partnership represents a significant stride towards a future where financial management is more accessible, efficient, and aligned with the evolving needs of both FIs and their customers.”