Companies who utilize Plaid might have noticed that Plaid no longer supports Fidelity and PNC. As some of the largest financial institutions in the US, losing support for these will significantly impact sign-up conversions, especially if your application depends on connections to these accounts.
Over the summer, Fidelity began notifying third parties that accessed its customers' data that they had until October 1, 2023, to transition to Akoya or lose access. Akoya is an aggregator incubated within Fidelity and is owned by several financial institutions, including PNC and Fidelity. They cite security as the primary reason for the decision. PNC is following suit, and other institutions may do the same in coming months.
You can combine Plaid with Akoya or other aggregators using Akoya's infrastructure, such as MX. To achieve this, you'll need to build a UI allowing your customers to search and select their institutions, then direct them to the aggregator offering the best support for their chosen institution. Additionally, you must standardize the data query APIs, such as /transactions, /stock-positions, etc., and unify the data types.
We made a guide on how to combine these aggregators yourself here.
Fuse is an orchestration layer for financial data aggregators, we allow you to combine multiple aggregators via one integration. We support all the major aggregators including Plaid, Akoya, MX, Finicity & more. We also have a migration SDK that allows you to convert your code base from Plaid only to Plaid + (Any aggregator) in less than an hour.