Another BIG win: AmEx inks data-sharing deal with Plaid 👏; JPMorgan is building the largest payments ecosystem in the world 😳; MatchGPT or Business Tinder?! 🤔

FinTech is Eating the World, 9 June

Hey Everyone,

Happy Saturday! We’re finishing off the week on a weekend, but boy it’s hot in here… 😳 On today’s plate we have another BIG win as AmEx inks a data-sharing deal with Plaid (why it’s all about Plaid, which is a FinTech volcano waiting to erupt), JPMorgan which is building the largest payments ecosystem in the world (I called it Microsoft of Banking for a reason!), and MatchGPT aka Business Tinder (what is it & why it could be huge for FinTech + a bunch of bonus reads on AI + Finance). So let’s jump straight into the thrilling stuff 🌶

Another BIG win: AmEx inks data-sharing deal with Plaid 👏

The deal 🤝 American Express AXP 0.00%↑ has formed data-sharing agreements with Plaid and Yodlee to offer card members the option to connect to thousands of third-party financial apps and services.

More on this 👉 AmEx is integrating Plaid and Envestnet | Yodlee into its accounts financials API, meaning that millions of card members can connect their accounts to thousands of apps and services across the digital banking ecosystem without having to share their password with a third party.

AmEx says that, with the average person using three apps to manage their various financial connections, people must have transparency and control over what data they’re sharing and with whom.

The company says the data-sharing deals will increase security, control, transparency, and reliability while reducing sign-on disruptions.

✈️ THE TAKEAWAY

What does it mean? 🤔 This is a good deal for AmEx for sure, but we must talk about Plaid here first and foremost. It yet again serves as a brilliant reminder of how important a company it has become. And the fact that it’s transitioning from moving only data (which is AmEx’s partnership now) to moving data AND value, is pretty massive when it comes to FinTech in general. So watch them out much more closely from now on!

More here: Plaid is a FinTech volcano that’s starting to erupt 🌋