Open source blockchain network Ontology announced on Monday that it has integrated with fintech data network Plaid. In the official tweet, Ontology said that the integration will allow its users to take advantage of open banking style perks by accessing Plaid’s fintech data services that already have millions of users across the globe.
Good news🥳 for @ONTODataWallet's users!#Ontology now integrates with @Plaid, a #data network powering the #fintech tools that millions of people rely on to improve their financial lives. ONTO users will now be able to enjoy #openbanking style benefits👇 https://t.co/8vqjWoTMLI
— Ontology (@OntologyNetwork) August 31, 2020
Ontology is the leading blockchain network specializing in digital identity and data. It supports cross-chain integration, ensuring scalability and flexibility of design as per the networks’ needs. Commenting on their collaboration with Plaid, co-founder Andy Ji stated that Ontology’s mission of achieving a more democratic future with every individual’s equitable access to financial services rings more true with this partnership. The coming together of the techno-firms will give users access to extensive transaction history that can add to richer understanding of their individual financial situation.
He further quoted:
Plaid is one of the largest finance data providers to financial institutions in North America and Europe, serving to every 1 in 4 bank account holders in the United States. It offers its services to over a vast majority of fintech corporations in the world, including biggies like Coinbase and Acorns.
Based out of San Francisco, California, Plaid builds technical infrastructure APIs to connect consumers with traditional financial institutions and developers. It provides an array of financial analytics to users which includes key data insights.