Wells Fargo inks data sharing deal with Plaid

Wells Fargo inks data sharing deal with Plaid

Wells Fargo has reached an agreement with Plaid to give the bank's customers the ability to share their financial data with a host of fintech firms.

As consumers increasingly look to share their bank data with third party apps, Plaid has grown into a multi-billion dollar company in just a few years. Recently it emerged that Visa and Mastercard both joined a $250 million Series C funding round for the company.

Now, it has teamed up with Wells Fargo, giving the bank's customers greater control over the account information they share with Plaid-supported third parties, including the ability to turn on or off data sharing through the Wells app.

The API used in the agreement will use a tokenised “handshake” between the companies’ servers through which customers’ financial data will be shared. The service will be available to some customers "within a year".

“We want to be where our customers are,” says Ben Soccorsy, head, digital payments, Wells Fargo Virtual Channels. “And if customers want to share their Wells Fargo account information with a Plaid-supported app to help them better manage their finances, we want to enable them to do so seamlessly and more securely."

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