Payments solutions provider Fiserv and open finance provider Plaid have agreed to enable secure and reliable data sharing via application programming interfaces (APIs) for financial institutions and consumers.
The collaboration will benefit customers who have accounts with nearly 3,000 banks and credit unions hosted by Fiserv. It will provide them with secure, credential-less API-driven access to over 8,000 applications and services available on the Plaid network through Fiserv’s AllData Connect.
Thereby, consumers can share their financial information with the third-party financial apps and services of their preference.
Fiserv digital payments president Matt Wilcox said: “Our partnership with Plaid allows banks and credit unions to empower consumers to access their financial information beyond the financial institution, while maintaining their trusted role at the centre of people’s financial lives.
“By facilitating access to a broad range of capabilities and experiences through third-party apps and services we are charting a course towards an open finance ecosystem that prioritises data privacy, consumer access, and choice.”
By connecting to the Plaid network through Fiserv’s AllData Connect, financial institutions can guarantee that consumers enjoy dependable access to their data and experience a seamless and enhanced level of security when using third-party applications and services.
Both parties will also advance secure and transparent data exchange in accordance with expected regulatory guidelines such as those specified by Dodd Frank 1033, the regulation governing secure financial data access.
Plaid financial access partnerships executive Aly Yarris said: “Financial institutions regardless of size, location, or capital should be able to power these digital experiences for their consumers via APIs.
“We’re proud to partner with Fiserv to bring secure, reliable API connectivity to thousands of financial institutions on behalf of their many customers.”
In July 2023, Plaid and Bankjoy partnered to facilitate seamless account management for businesses.
