back Back

U.S. Bank and Plaid partner to help customers lead healthier financial lives

By Pavithra R

May 14, 2021

  • America
  • U
Share

U.S. Bank and Plaid partner to help customers lead healthier financial livesU.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.

Previous Article

May 14, 2021

Railsbank to boost RationalFX’s product offering in Europe

Read More
Next Article

May 14, 2021

Citi launches automated securities lending solution for wealth managers

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

America

Why predictive AI is a critical necessity in the field of cybersecurity

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 20, 2024

4 Open Banking platforms shaping the future of financial data in the US

Read More

June 18, 2024

GoCardless partners with Federation of Small Businesses to tackle late payments

Read More

June 13, 2024

Flexys partners with Acquired.com for debt collection

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023