It seems like fintech partnerships have been on the menu lately and this next one could be a match made in digital banking heaven.
Plaid and Railsbank are teaming up to bring Plaid’s Payment Initiation API to Railsbank’s customers, allowing them to instantly accept bank payments within their app or website.
“This partnership is all about making it easier for any company, or brand, to embed finance into their customer journey. We are creating one of the major building blocks that makes embedded finance a viable proposition for virtually every company, or brand, in business today,” Nigel Verdon, co-founder and CEO of Railsbank, said.
“Together we are making it simpler for any company to take advantage of the golden opportunity that changing consumer demand and Open Banking presents, enabling them to deliver innovative financial services that attract and retain customers and boost their bottom lines.”
Railsbank’s customers, which includes the likes of digital banking app Sync., digital insurer SingLife and money management platform Ikigai, will be able to initiate instant account-to-account transfers and reap all the benefits of Plaid’s service without having to onboard two separate suppliers.
A fintech to benefit from the new team is challenger banking and wealth management app Ikigai.
Ikigai co-founder Maurizio Kaiser explains the importance of the new partnership: “The new partnership gives ikigai access to a best-in-class payment initiation solution to streamline our account funding capabilities and a seamless experience for our clients.
“With Railsbank’s, and now Plaid’s, operational support, we’ve been able to tap into those benefits, allowing our clients to easily top up their accounts through open banking, while still focusing our full attention on Ikigai’s growth.”
Embedded finance has been a hot trend in fintech for probably much longer than you imagine, every time you’ve taken an Uber or ordered Deliveroo you will have experienced it and now the Plaid Railsbank partnership is taking it to the next level.
source: www.altfi.com