Capco, Plaid to Drive Open Finance Innovation Across Banking Sector

Capco, a Wipro company and global technology and management consultancy, and Plaid, an industry leader powering the digital financial ecosystem, announced a new alliance.

The alliance will “combine Plaid’s leading open finance solutions with Capco’s domain and data analytics expertise to help financial institutions unlock the value of open finance across the banking sector, making data more secure and accessible for consumers.”

This joint solution will be “showcased at Money20/20 in Las Vegas, NV, Oct. 23-26, at the firms’ booths (Wipro/Capco at #2430 & Plaid at the Bassano 2601 meeting rooms).”

The Capco-Plaid offering will “allow financial institutions to accelerate their open finance journeys through a holistic solution that delivers on their needs, regardless of where they are along that journey, from strategy to execution.”

Addressing core challenges such as data privacy and security, API management and integration, governance, and customer experience, the solution “will help financial institutions unlock new value.”

Clients will also be “able to realize faster time-to-market and enhanced benefits by leveraging Wipro’s global size and reach, as well as its experience delivering engineering capabilities worldwide for almost 40 years.”

For consumers, the new offering “combines Capco’s industry domain experience and business capabilities with Plaid’s leading technology platform to give them more control, transparency, and security when managing their financial lives.”

It also “enables financial institutions to provide more curated digital finance solutions to their customers.”

Tamara Romanek, Head of Partnerships at Plaid, stated:

“At the heart of open finance is the principle that consumers own their data wherever it lives. Partners like Capco are critical to financial institutions as they develop solutions to fulfill this expectation. Plaid’s products, in tandem with Capco’s expertise, enable financial institutions to rise to this consumer demand.”

Teuta Naghshineh, Partner and US Digital Engineering Lead at Capco, said:

“The demand to meet rising consumer expectations for more user-friendly offerings is evident, with financial institutions pivoting to a digital first strategy and integrate multiple APIs. Capco’s deep expertise in data and advisory services and its access to global engineering capabilities, along with Plaid’s core go-to-market product offerings, will ensure our clients have the tools needed to advance and improve their open finance journeys.”

As noted in the update, Capco, a Wipro company, is “a global technology and management consultancy specializing in driving digital transformation in the financial services industry.”

With a growing client portfolio comprising of over 100 global organizations, Capco “operates at the intersection of business and technology by combining innovative thinking with unrivaled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector.”

Capco’s ingenuity is “brought to life through its award-winning Be Yourself At Work culture and diverse talent.”

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 the 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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