American Express and Plaid, a data transfer platform that powers thousands of digital finance products, have announced an agreement for an API-based integration that will provide new digital banking options for customers while enhancing their account security.
The API-based integration will provide American Express customers with more security, control, and transparency, in addition to reliable connections to thousands of financial apps, such as ReInvestWealth.
Plaid combined with the American Express’ Account Financials API will offer customers transparency and control over where and how their financial information is permissioned and shared.
The integration also removes the need for customers to share their American Express credentials with any other party besides American Express in the ecosystem. The launch of the API-based integration with Plaid is set to begin in 2023.
What this means for ReInvestWealth?
This recently announced agreement between Plaid and American Express brings forth promising developments for ReInvestWealth, a free accounting software for Canadian business owners. ReInvestWealth takes pride in its existing partnership with Plaid, which enables users to securely connect their business bank accounts and automate their accounting processes. By implementing API-based connections, American Express users can now benefit from enhanced transparency and streamlined financial management.
As ReInvestWealth prepares to launch its AI Accountant next month, this agreement will provide higher quality data and allow the AI algorithm to perform accounting more accurately. We hope to see other Canadian financial institutions follow in the footsteps of American Express, Wise and other industry leaders that have embraced API-based access and elevate the user experience for their clientele, ultimately leading to greater customer satisfaction.