Monzo partners with Plaid
Plaid has recently announced a partnership with Monzo in the US, allowing customers to connect their Monzo account with thousands of fintech apps. This integration enables users to securely monitor and transfer funds to other financial institutions directly from the Monzo app. Monzo customers in the UK already have this capability. The integration was facilitated through Plaid’s Core Exchange platform, which provides secure API access to any institution that wishes to join the Plaid data network.
Plaid is also expanding its services to include real-time bank transactions. With the improved service, businesses can quickly release loan payments, insurance payouts, or wages. The Transfer service helps businesses transfer payments between bank accounts and utilizes the real-time payments (RTP) network, a technology developed by a consortium of leading US banks that enables rapid bank transactions.
The partnership between Plaid and Monzo means that their customers can now link their accounts to over 8000 popular financial applications and services, giving them more financial power. This collaboration is a significant step in Plaid’s effort to offer more financial capabilities to its customers.
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