Fintech Current Introduces Platform API, Teams Up with Plaid to Deliver Open Finance Solutions

Current, a U.S. financial technology platform serving Americans working to “create a better future” for themselves, recently announced the launch of its platform API, “built to facilitate seamless integrations and embedded banking experiences.”

Plaid, the API-first data network powering the digital financial ecosystem, is reportedly “the first-ever partner and will provide Current members access to a credential-less open finance experience.”

Current‘s platform API “enables other Fintechs to build embedded experiences, making this a groundbreaking integration that opens the door for countless additional opportunities.”

As the first partner to integrate, Plaid will “provide Current’s nearly four million members expanded access to innovative digital financial tools and solutions to help them manage their money seamlessly, securely and provide them access to more experiences that can improve their financial outcomes.”

Trevor Marshall, Chief Technology Officer at Current, said:

“Our new platform API gives open banking partners the capability to embed our core banking technology. We’re thrilled to be working with Plaid, the industry leader in open banking, as our first partner, We enabled this integration in response to feedback from our members. With Plaid, our members can access experiences that can help improve their financial lives with control and security.”

Current members can now “easily connect their account to thousands of other fintech apps, including digital payments, financial planning, and investment tools, on the Plaid network.”

The rapid integration “was made possible by Current’s API and leverages phone number and device authentication, which eliminates reliance on banking credentials from the ecosystem and provides a frictionless customer experience.”

Current is one of the most requested fintech apps when users “connect their accounts to digital financial services in Plaid Link.”

Current chose Plaid as its first API partner because of “its strong industry reputation as being a secure, reliable open finance leader that has built integrations with more than 12,000 financial institutions, including neobanks and fintechs.”

Raja Chakravorti, Partnerships Lead, Universal Access at Plaid, remarked:

“Millions of Current members will now have secure access to the more than 6,000 apps and services powered by the Plaid network through our open finance partnership. We’re thrilled to enable a simple, secure on-ramp to digital financial services for Current members, who are often banking for the first time in their lives. The integration ensures that consumers are in control of where and how their financial data is permissioned and shared, information that is essential to setting up a healthy financial life.”

As covered, Plaid is “a data network that powers the tools millions of people rely on to live a healthier financial life.”

Plaid works “with thousands of companies like Venmo, SoFi, and Betterment, several of the Fortune 500, and many of the largest banks to make it easy for people to connect their financial accounts to more than 6,000 apps and services they want to use.”

Plaid’s network “covers more than 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.”

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