Curve and Plaid join forces to bring Open Banking to UK customers12 Dec 2020
The collaboration allows Curve customers to connect accounts from 95% of UK banks, including Monzo, Starling, Barclays and HSBC
London, 16.12.2020: Curve, the banking platform that combines multiple cards and accounts into one smart card and app, is rolling out Open Banking services to its UK customers in tandem with Plaid, an open finance data network. From today, Curve customers in the UK can connect and see their bank balances in the Curve app for the first time, making it easier for customers to monitor their spending.
Using Plaid’s Open Banking platform, Curve customers can track their finances in one place, including balances from their Mastercard and Visa cards. Plaid helps Curve’s customers connect their payment accounts from other financial institutions in the UK, including banks such as Monzo, Starling, Barclays and HSBC. The Plaid platform ensures that user-permissioned data is securely shared and updated in real-time in the Curve app, and customers can withdraw their permission to share their data at any time.
With the help of Plaid, Curve also provides customers with an up-to-date balance of their cards before they use them. As a result, Curve customers gain enhanced insights into their own financial behaviour so they can improve their financial decision-making.
The introduction of Plaid’s Open Banking capabilities into Curve’s platform paves the way for new products and services that allow customers to better understand their accounts, and help them make the most of their money. The collaboration between Curve and Plaid cements a new milestone in Curve’s mission to allow customers to manage all their money, in all its forms, from one card and app.
Plaid’s APIs (Application Programme Interfaces) are Open Banking and PSD2 compliant, delivering secure and reliable access to the UK’s financial ecosystem. Plaid’s security programme is designed to exceed industry standards, using a number of different controls to keep personal information safe, including data encryption, Multi-Factor Authentication (MFA) and independent security testing.
Tom Hay, Curve’s Head of PayTech, said: “We are excited to work with Plaid to offer the benefits of Open Banking to Curve’s UK customers. This collaboration is another tangible example of our commitment to driving innovation in the market. With the introduction of Open Banking, we are offering Curve’s UK customers greater control of their finances at the touch of a button, helping them to spend with confidence.”
Keith Grose, Plaid’s Head of International, said: "Both Plaid and Curve focus on giving people control over their own financial lives to make money easier to manage. This collaboration brings the power of Open Banking to millions more people – and our work together to help people live healthier financial lives is just beginning."
As the UK begins to explore the transition to open finance, collaborations like that of Curve and Plaid will be critical to helping people securely access and control a wider pool of their financial data, such as pensions and investments. In the coming years, the two companies will continue to develop new products and features that help people take control of their financial lives.
To enjoy the benefits of the collaboration, a new user simply needs to download the Curve app. Open banking features, powered by Plaid, are free of charge for all Curve users.
Curve is a banking platform consolidating multiple cards and accounts into one smart card and app. The unique Curve card allows customers to supercharge their legacy banks to the 21st century without leaving their bank or topping-up. Curve is live in 31 markets across the European Economic Area (EEA).
Curve offers a host of benefits to its customers, who get notifications and categorisation of spend; the capacity to earn instant 1% cashback at the likes of Amazon, John Lewis, Deliveroo, Uber, Netflix, ASOS and Tesco, and Go Back in Time enables customers to swap spend to a different card in the app for up to 90 days after the purchase was made.
Curve currently supports Mastercard® and Visa only. The Curve Card and E-money is issued by Curve OS Limited authorised in the UK by the Financial Conduct Authority to issue electronic money (firm reference number 900926).
Plaid is an Open Banking platform and data network that powers the fintech tools millions of consumers rely on to live healthier financial lives. Over 3,000 digital financial apps and services including Transferwise, Monzo, Coinbase, and Sage, and many of the largest banks use Plaid to make it easy for their customers to connect their financial accounts.
Plaid connects with over 11,000 financial institutions across the US, Canada, the UK, and Europe. The company was founded in 2013 by Zach Perret and William Hockey and is headquartered in San Francisco, CA, US.
Natalie Giannangeli, email@example.com