Alkami Technology, Inc. (Nasdaq: ALKT), a 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 key 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.”
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.
“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. 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.”
Melissa Henricks, vice president, product management at Alkami, said:
“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. 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.”
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.”