U.S. Bank and Plaid partner to help customers lead healthier financial lives
By Pavithra R
U.S. Bank, the fifth-largest bank in the country has announced partnering with Plaid, the digital finance innovator with more than 11,000 financial institutions in its network, to bring enhanced simplicity, transparency, and security to U.S. Bank customers who want to connect their accounts to third-party apps.
The two companies teamed up to upgrade U.S. Bank customers to an API-based, credential-less open finance experience with Plaid. The integration also includes new bi-directional functionality between U.S. Bank My Controls and the Plaid Portal (currently in beta). The alliance enables shared customers to adjust their permissions quickly through either company’s experience and the settings will remain synced across more than 4,500 applications on Plaid’s network.
“What we did together with Plaid is a huge step forward in open finance, especially for our shared customers. The overall digital financial ecosystem is stronger when credentials are eliminated and replaced with secure APIs. It also helps customers have greater transparency, control and security to ultimately lead healthier financial lives,” said Gareth Gaston, executive vice president and chief digital officer for platforms and capabilities at U.S. Bank.
The accelerated time to market is a credit to the close technical partnership between Plaid and U.S. Bank. The partnership made the migration seamless while preserving a great, frictionless experience for customers.
“It’s amazing what you can accomplish when you have a shared vision for providing customers with secure, transparent and delightful digital experiences. Plaid is committed to an API-based ecosystem and the customer-focused vision we share with U.S. Bank helped us collectively reach this milestone quickly – it is a true partnership,” said Ginger Baker, head of financial access at Plaid.
Plaid and U.S. Bank are members of the nonprofit (FDX), which is focused on unifying the industry around common standards for secure consumer and business access to their financial data. The partnership between the companies is a reflection of FDX’s commitment to advancing consumer transparency, security, and control.
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