Fiserv, Plaid team to enhance data sharing for financial institutions

By Delisha Fernandes

Fiserv, a global provider of payments and financial services technology, and Plaid, a data network, has announced an agreement to enable secure and reliable data sharing through application programming interfaces (APIs).

Through this collaboration, consumers who bank with the nearly 3,000 bank and credit union clients hosted by Fiserv will have secure, credential-less API-based connectivity to the more than 8,000 applications and services on the Plaid network via AllData Connect from Fiserv, allowing consumers to share their financial information with the third-party financial apps and services of their choice.

“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 center of people’s financial lives,” said Matt Wilcox, President of Digital Payments at Fiserv. “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 prioritizes data privacy, consumer access, and choice.”

AllData Connect from Fiserv, part of the AllData Aggregation product suite, enables credential-free data sharing for hosted banks and credit unions, empowering consumers to consent to share their financial data with third-party applications without the need to share their login credentials. By connecting to the Plaid network via AllData Connect from Fiserv, financial institutions can ensure consumers have reliable access to their data as well as a seamless and more secure experience when using third-party apps and services.

“Financial institutions regardless of size, location, or capital should be able to power these digital experiences for their consumers via APIs,” said Aly Yarris, Financial Access Partnerships at Plaid. “We’re proud to partner with Fiserv to bring secure, reliable API connectivity to thousands of financial institutions on behalf of their many customers.”