PNC Financial Services Group and Plaid have formed partnerships in which the bank’s customers are allowed to securely share their data with third-party financial apps and services.
In a press release published by PNC, it is noted that as a result of a new bilateral agreement on access to data, clients of this lender will be able to securely permission their financial information to apps and services powered by Plaid.
The press release also underlined that the bank uses Akoya’s application programming interface (API) to provide the customers’ financial information to Plaid and other data recipients.
Natalie Talpas, executive vice president, of digital and payments at PNC, says that applying the mentioned API allows all data recipients to get connected quickly. Separately, it was noted that also in this case, customers can reliably control what financial information they permission without having to share their login credentials with third parties.
Christy Sunquist, head of open finance partnerships at Plaid, said that the partnership will further support the capabilities of clients of PNC as part of a secure connection to apps and services powered by Plaid. She also noted that the industry’s away from access based on credentials is a top priority for Plaid. According to her, alignment of the main principles regarding security, access, and control played a decisive role in the formation of a new partnership.
It is worth noting that there is currently a growing interest in open banking worldwide, which allows third-party service providers to access financial data through secure APIs.
As we have reported earlier, Shoplazza Partners Stripe for Payment Solution.
