Alkami and Plaid Partner to Provide Financial Institutions with Direct Access to Plaid via the Financial Data Exchange Aligned (FDX) API Core Exchange

Rhea-AI Summary

Alkami Technology, Inc. (Nasdaq: ALKT) has announced a first-to-market partnership with Plaid, enabling its financial institution clients to benefit from direct API access to Plaid's data network, powering over 8,000 financial apps and services. This integration will provide seamless connectivity, standardizing secure data sharing and supporting bank and credit union clients in competing with emerging fintechs and big tech. The FDX aligned API connectivity via Core Exchange will offer a reliable and consistent user experience for end account holders, with highly secure API connections and reduced friction for Alkami-powered financial institutions.

Positive

• First-to-market partnership with Plaid for Alkami, providing direct API access to over 8,000 financial apps and services
• Standardization of secure data sharing integral for open finance future
• Support for bank and credit union clients in competing with emerging fintechs and big tech
• Reliable and consistent user experience for end account holders with highly secure API connections
• Reduced friction for Alkami-powered financial institutions resulting in lower call center volume

Negative

• None.

Financial institutions can facilitate secure and seamless connectivity to their end users'
digital financial ecosystem

PLANO, Texas, Nov. 9, 2023 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced today that it has enabled its financial institution clients to benefit from direct application programming interface (API) access to Plaid, a data network powering over 8,000 popular financial apps and services. This is a first-to-market partnership with Plaid for Alkami where a majority of financial institutions are live, and Alkami is the first and largest major platform fully live on Plaid's FDX aligned API, Core Exchange. Partnerships between technology providers like Alkami and platforms like Plaid will be critical to quickly scale secure and reliable financial data sharing, with minimal technical effort or resourcing. 

"The standardization of secure data sharing is integral as we move towards an open finance future. It's great to see that more than 200 institutions will benefit from this integration via the FDX aligned, Core Exchange API from Plaid," said Don Cardinal, managing director of FDX, a non-profit industry standards setting organization dedicated to a common interoperable standard for secure and convenient access of permissioned financial data. "At FDX, we firmly believe that the industry must come together from all sides of the ecosystem to partner on a reliable and secure data sharing standard, and this partnership represents significant progress on that objective."

"This integration is also a major validator for digital banking API adoption, and we are proud to be the first and largest major platform to be fully live on the FDX aligned API, as we know that this implementation will only become more critical in our industry," said Melissa Henricks, vice president, product management at Alkami. "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." 

"Plaid is committed to empowering financial institutions with an easy and secure way to participate in an open finance future," said Aly Yarris, Financial Access Partnerships at Plaid. "Together with Alkami, we are proud to share that all financial institutions on Alkami's platform now have FDX aligned API connectivity via Core Exchange, and can support their customers and members in using any of the 8,000+ apps and services powered by Plaid."

With the FDX aligned API in place, Alkami's financial institution clients can provide a reliable and consistent user experience for their end account holders, who can connect and link their financial accounts with Alkami. End users also benefit from a highly secure API connection and Alkami-powered financial institutions benefit from reduced friction, resulting in lower call center volume.

About Alkami
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and business banking, digital account opening, payment security, and data analytics and marketing solutions. To learn more, visit www.alkami.com.

About Plaid
Plaid is a global data network that powers the tools millions of people rely on to live a healthier financial life. Our ambition is to facilitate a more inclusive, competitive, and mutually beneficial financial system by simplifying payments, revolutionizing lending, and leading the fight against fraud. Plaid works with thousands of companies including fintechs like Venmo and SoFi, several of the Fortune 500, and many of the largest banks to empower people with more choice and control over how they manage their money. Headquartered in San Francisco, Plaid's network spans over 12,000 institutions across the US, Canada, UK and Europe.

Media Relations Contacts
Vested
alkami@fullyvested.com

Marla Pieton
marla.pieton@alkami.com

Isabelle Lacombe
ilacombe@plaid.com 

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SOURCE Alkami Technology, Inc.

FAQ

What is the partnership announced by Alkami Technology, Inc. (Nasdaq: ALKT)?

Alkami announced a first-to-market partnership with Plaid, enabling its financial institution clients to benefit from direct API access to Plaid's data network, powering over 8,000 financial apps and services.

What is the significance of the FDX aligned API connectivity via Core Exchange?

The FDX aligned API connectivity via Core Exchange will offer a reliable and consistent user experience for end account holders, with highly secure API connections and reduced friction for Alkami-powered financial institutions.

How will this integration support bank and credit union clients?

This integration will support bank and credit union clients in competing with emerging fintechs and big tech by providing seamless connectivity and standardizing secure data sharing.

What benefits do end account holders and Alkami-powered financial institutions gain from this integration?

End account holders will benefit from a highly secure API connection and Alkami-powered financial institutions will benefit from reduced friction, resulting in lower call center volume.