Capco and Plaid Announce Alliance to Drive Open Finance Innovation Across the Banking Sector

Capco, a Wipro company and global technology and management consultancy, and Plaid, an industry leader powering the digital financial ecosystem, today announced a new alliance. The alliance will combine Plaid’s leading open finance solutions with Capco’s domain and data analytics expertise to help financial institutions unlock the value of open finance across the banking sector, making data more secure and accessible for consumers. This joint solution will be showcased at Money20/20 in Las Vegas, NV, Oct. 23-26, at the firms’ booths (Wipro/Capco at #2430 & Plaid at the Bassano 2601 meeting rooms). The Capco-Plaid offering will allow financial institutions to accelerate their open finance journeys through a holistic solution that delivers on their needs, regardless of where they are along that journey, from strategy to execution. Addressing core challenges such as data privacy and security, API management and integration, governance, and customer experience, the solution will help financial institutions unlock new value. Clients will also be able to realize faster time-to-market and enhanced benefits by leveraging Wipro’s global size and reach, as well as its experience delivering engineering capabilities worldwide for almost 40 years. For consumers, the new offering combines Capco’s industry domain experience and business capabilities with Plaid’s leading technology platform to give them more control, transparency, and security when managing their financial lives. It also enables financial institutions to provide more curated digital finance solutions to their customers. “At the heart of open finance is the principle that consumers own their data wherever it lives,” said Tamara Romanek, Head of Partnerships at Plaid. “Partners like Capco are critical to financial institutions as they develop solutions to fulfill this expectation. Plaid’s products, in tandem with Capco’s expertise, enable financial institutions to rise to this consumer demand.” Teuta Naghshineh, Partner and US Digital Engineering Lead at Capco, said: “The demand to meet rising consumer expectations for more user-friendly offerings is evident, with financial institutions pivoting to a digital first strategy and integrate multiple APIs. Capco’s deep expertise in data and advisory services and its access to global engineering capabilities, along with Plaid’s core go-to-market product offerings, will ensure our clients have the tools needed to advance and improve their open finance journeys.”