Addressing the escalating consumer demand to access their financial data with flexibility, this alliance promises secure and dependable data sharing through application programming interfaces (APIs).
Fiserv, a Fortune 500 entity, is committed to reshaping the way money and information mobilise the world. Specialising in payments, financial technology, and a plethora of other services, Fiserv stands tall as a beacon of innovation in digital banking, e-commerce, and more.
On the flip side, Plaid’s global data network underpins tools that millions trust for a sound financial life. By simplifying payments, transforming lending, and spearheading the fight against fraud, Plaid’s influence stretches across FinTech giants, Fortune 500 firms, and major banks.
In this groundbreaking collaboration, customers banking with Fiserv’s extensive network of nearly 3,000 bank and credit union clients can seamlessly connect to over 8,000 apps and services on the Plaid network via AllData Connect from Fiserv. This venture is unmatched in its magnitude, broadening the horizon for direct data sharing between financial institutions and their associated third parties.
AllData Connect from Fiserv, an integral part of the AllData® Aggregation suite, empowers credential-free data sharing. It ensures consumers can willingly share financial data with third-party apps sans sharing login details. By validating consumers directly with their banks or credit unions, AllData Connect issues tokens that third parties use to access and refresh consumer data. Beyond Plaid, Fiserv also collaborates with Akoya, Finicity, and MX to facilitate data sharing.
Fiserv President of Digital Payments 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 center 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 prioritizes data privacy, consumer access, and choice.”
Aly Yarris, Financial Access Partnerships at Plaid, remarked, “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.”
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