Plaid: Banking API Platform with Jean-Denis Greze
A bank account is a platform for apps to be built on top of.
If that sounds like a weird idea, think about the features of a bank account. Most users only have a single bank account, making it a tool for identity and authentication. The series of transactions in a bank account provides a data set that can be used for analyzing payment history and issuing loans, or insurance.
But there are difficulties to building a platform on top of banking. There are thousands of different banks. If you want to build an application that integrates with a user’s bank, you need to be able to integrate with any bank that the user might use–whether it’s Bank of America, Wells Fargo, or Chase.
Plaid is a company that builds APIs for users to connect to banks. Applications such as Venmo, Betterment, and Coinbase use Plaid to connect with the bank accounts of their users. Jean-Denis Greze joins the show to explain how applications use Plaid, and how Plaid has scaled its infrastructure to handle a high volume of requests. He also discusses the potential of banking as a platform, and the strategy for expanding the APIs that Plaid can offer to developers.
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