Backbase and Plaid Join Forces to Deliver Open Finance for AI-Driven Banking
Backbase, the leader in AI-powered banking, announces a partnership with Plaid, a data network that serves as the analytics layer for financial services. Together they solve one of banking’s biggest challenges: data fragmentation that slows innovation and limits customer experience.
Financial institutions face a common problem: Data lives in silos, legacy integrations break constantly, customer onboarding often takes several days – and lack of visibility across databases means creating personalized experiences is challenging and costly.
The partnership changes that equation. By integrating Plaid’s secure, real-time financial data connectivity with Backbase’s AI-powered Banking Platform, the collaboration allows banks to onboard customers faster, aggregate account data seamlessly, and deliver personalized financial journeys without wrestling with outdated integrations.
“Data is only valuable when it is actionable and understandable,” said Mayank Somaiya, Global Vice President, Head of Ecosystem Partnerships at Backbase. “By integrating Plaid’s aggregation and enrichment capabilities, we are enabling banks to move beyond raw transaction lists. We are providing a pre-integrated solution that gives customers a holistic, 360-degree view of their financial health -enriched with the clarity they expect -without the burden of building it from scratch.”
The solution is available now to banks across the world, which can get access via Backbase’s website, along with solution consultants, technical guidance, and implementation support.
Plaid’s network connects more than 12,000 financial institutions and 7,000 fintechs,. Combined with Backbase’s footprint of 100+ banks globally, this partnership brings together two proven leaders in digital banking transformation.
“Artificial intelligence is rapidly changing what’s possible in financial services, but only with strong data foundations,” said Adam Yoxtheimer, Head of Partnerships at Plaid. “By combining Plaid’s real-time connectivity and intelligence with Backbase’s Banking Platform, more banks can access the permissioned data and corresponding insights needed to deliver enhanced, personalized experiences.”
Both companies will continue strengthening the partnership, working closely to address evolving client needs and expand the solution as the market demands.
