4 Open Banking platforms empowering financial institutions in USA

By Delisha Fernandes

Open banking is becoming a significant source of innovation poised to reshape the banking industry. The concept of Open Banking makes significant, established banks to be more competitive with small and new banks. Open Banking platforms in America have opened the doors to a vast array of possibilities, enabling customers to share their financial data with authorised third-party providers securely.

Going forward, here are 4 Open Banking platforms empowering financial institutions in Americas

• Plaid

Plaid is a data network that powers the tools millions rely on to live healthier financial life. Plaid works with thousands of companies like Venmo, SoFi, Betterment, several of the Fortune 500, and many of the largest banks to make it easy for people to connect their financial accounts to the apps and services they want to use. Plaid’s network covers over 12,000 financial institutions across the US, Canada, UK, and Europe. Headquartered in San Francisco, the company was founded in 2013 by Zach Perret and William Hockey.

• Oracle

Oracle provides organisations worldwide with computing infrastructure and software to help them innovate, unlock efficiencies and become more effective. Oracle Cloud Infrastructure offers higher performance, security, and cost savings.

It is designed so businesses can move workloads quickly from on-premises systems to the cloud and between cloud and on-premises and other clouds. Oracle Cloud applications provide business leaders with modern applications that help them innovate, attain sustainable growth, and become more resilient.

• Envestnet | Yodlee

Envestnet | Yodlee is a data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. More than 1,000 companies, including 15 of the 20 largest US banks and hundreds of Internet services companies, subscribe to the Envestnet | Yodlee platform to power personalised financial apps and services for millions of consumers. Envestnet | Yodlee solutions help transform the speed and delivery of financial innovation, improve digital customer experiences, and drive better outcomes for clients and their customers.

• Finicity

Finicity helps individuals, families, and organisations make smarter financial decisions through safe and secure access to fast, high-quality data. Finicity trusted and proven open banking empowers consumers and small and midsize enterprises with control over their financial data, transforming how they experience money from budgeting and payments to investing and lending.

Through market-leading data connections, Finicity partners with influential financial institutions and disruptive FinTech providers to give everyone a leg up in a complicated financial world, helping improve financial literacy, expand financial inclusion, and ultimately lead to better outcomes.