Microsoft has teamed up with Plaid to let users automatically import their bank and credit card account data into a new personal finance tool called Money in Excel. Money in Excel features a Plaid integration, and the new capabilities essentially turn the spreadsheet software into a FinTech app. It allows users to securely connect their financial accounts, import the data within them, sync balances and transactions over time, and, ultimately, gain greater insights into their financial health.
The collaboration works by providing Plaid with a permissioned connection to financial accounts from the Plaid Link inside the Microsoft Money in Excel system. Once the accounts are linked up, there will be access to transaction and balance history to help show an updated and whole financial picture. There’s a Monthly Snapshot as well which will have personalized graphs and charts to help users better understand spending behaviors. Money in Excel will be initially available to Microsoft 365 subscribers in the US.