All-in-one card issuer and program management platform Highnote has teamed up with fellow Finovate alum Plaid. The new partnership will enable frictionless money transfers for card solutions powered by Highnote. The company will leverage Plaid’s account auth and balance solution to enable its customers to seamlessly make their transactions without needing to worry about account or routing numbers. Highnote customers will also be able to use Plaid Link to instantly authenticate cardholder accounts and then automatically create a Highnote Processor Token to enable fund transfers between card accounts and external bank accounts.
Here are three things you need to know about Highnote and its partnership with Plaid.
Highnote helps open finance work for embedded finance
Companies have pursued embedded finance as a way to expand or re-envision their business models. Those businesses that seek to make card issuance a part of their business face challenges in terms of providing a secure, frictionless user experience. Courtesy of Highnote’s partnership with Plaid, businesses will be able to instantly authenticate cardholder accounts, and end users will be able to easily authenticate with their financial institutions and choose which accounts to use for payments.
Removing friction is key to enhancing the customer experience
Helping customers – individuals or businesses – get from point A to point B quickly is the most immediate way for businesses to show they have their customers’ interests – and their time – top of mind. Highnote’s partnership with Plaid is all about removing friction and creating seamless experiences for customers of all kinds. By automating and making instantaneous operations such as account authentication and bank verification, the partnership between Highnote and Plaid is one small step for money movement, and a large leap in the direction of making financial services more accessible and convenient.
The Plaid partnership is Highnote’s third partnership in six months
Highnote – in collaboration with Mastercard – began the year helping business credit platform Tillful launch its Tillful Card. This spring, Highnote announced a collaboration with GoDo as the company introduced its GoDo Card designed to bring earned wage access to underbanked workers.
“We built Highnote to enable companies like GoDo to create truly unique and game-changing payment solutions for their customers,” Highnote co-founder and CEO John MacIlwaine said. “The earned-wage-access market needs modernized payment solutions that can power innovative digital experiences and we’re here to deliver that.”
Highnote made its Finovate debut earlier this year at FinovateSpring in San Francisco. At the event, Highnote demonstrated the developer experience on its cloud-native, GraphQL API-based issuer-process platform. The company also showed how the platform’s interface gives customer management teams control over the payment transaction lifecycle, as well as provide access to transaction processing data.
Headquartered in San Francisco, California, Highnote has raised $54 million in funding. This include a $42.5 million Series A round closed in September of last year.