American Express announced an agreement with Plaid, a data network powering the digital financial ecosystem, for API-based integrations that will provide new digital banking options for customers while also improving the security of their accounts. Millions of American Express customers will now have the ability to more securely sign in to Plaid’s 8,000+ connected apps and services in the digital banking ecosystem without the need to share their American Express passwords. theirs with third parties. This is especially important since US consumers use an average of three fintech apps to manage their finances[1].

Integrating Plaid services with American Express’s Accounts API provides customers with transparency and control over where and how their financial information is authorized and shared. The integration also eliminates the need for customers to share their American Express credentials with any party other than American Express in the ecosystem. The integration allows customers to take advantage of American Express’ secure authentication procedures designed to enhance the security of their transactions before disclosing their account financial information to third parties reliable.

“This agreement reflects American Express’ commitment to providing our customers with the security, control and transparency they want when sharing their account data with financial apps of their choosing,”

“With Plaid, we’re taking another key step in our effort to create a safer digital experience for our customers in a world where people increasingly rely on a variety of digital tools to manage their finances.”

Danielle Cloud, Senior Vice President, Enterprise Data Governance & Platforms, American Express.

American Express’ Account Financials API allows customers to share their financial data, while also maintaining the privacy of their user credentials. The many benefits to American Express customers include:

• Enhanced Security – Supported by the OAuth2 protocol, the Amex Account Financials API provides customers with more control over where and how their financial information is being accessed and shared.
• Greater Reliability – Customer directed account information is shared in real-time.
• Increased Control and Transparency – Customers can now more clearly understand and better manage their connections to financial service provider apps and have better visibility into where their data is going and what data is being shared.
• Fewer Sign-on Disruptions – Thanks to the API integration, connections are more stable, and may last for longer periods of time, enabling easier sign-ons.

“At Plaid, our mission is to help all consumers benefit from safe and reliable access to their data,”

“We are thrilled to partner with American Express, a storied brand fundamental to the financial lives of so many, to facilitate secure connectivity for their account holders to thousands of apps in our network.”

Christy Sunquist, Head of U.S. Financial Institution Partnerships at Plaid.

The launch of the API-based integration with Plaid is set to begin in 2023.