End-to-end digital banking provider Bankjoy has partnered with open finance provider Plaid to facilitate seamless account management for businesses.
Through the collaboration, the institutions on the Bankjoy platform will be allowed to provide their customers with application programming interface (API) access to Plaid’s network of over 8,000 fintech apps and services.
Besides, businesses by using Plaid’s account connectivity tool, will be able to safely and easily add accounts from other financial institutions and fintechs to Bankjoy’s platform. This will offer business account holders a centralised platform to access and oversee their financial matters.
Bankjoy CEO Michael Duncan said: “Amid the economic uncertainty, 95% of Americans say they feel some type of economic stress, according to Plaid’s 2022 Fintech Effect Report. Consumers and businesses alike are looking for financial institutions that provide them with the tools necessary to support them through this time.
“At the same time, today’s account holders often use multiple apps and financial institutions to manage their finances, which makes enabling multi-account connectivity crucial.
“Bankjoy’s partnership with Plaid supports this and we look forward to helping more financial institutions enhance the digital banking experience for their business customers and members.”
The partnership with Plaid will enable financial institutions that are using Bankjoy’s business banking platform to make it easier for businesses to connect multiple accounts from different financial institutions and third-party apps. This ensures enhanced security while providing a streamlined experience for account holders.
Bankjoy’s platform is designed to offer business and commercial account holders with a superior digital banking experience.
The digital banking platform also helps business account holders to manage user permissions and securely add new users directly.
Bankjoy aims to help banks and credit unions to position their organisation as the preferred financial service provider for the business and commercial account holders they cater to with Plaid’s account connectivity capabilities.
