US Bank has teamed up with Plaid to enable the lender's millions of customers to connect their accounts to third party apps.
The integration, carried out in "record time", gives US Bank customers an API-based, credential-less open finance experience that lets them share their account data with thousands of fintechs.
The partnership includes new bi-directional functionality between US Bank My Controls and the Plaid Portal, meaning shared customers can adjust their permissions through either company, with the settings synced across more than 4500 applications on Plaid’s network.
Plaid and US 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.
Gareth Gaston, chief digital officer for platforms and capabilities, US Bank, says: “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.”
Plaid does not have such a good relationship with all banks. In January, JPMorgan Chase CEO Jamie Dimon accused the firm of "improperly" using data. Last year, TD Bank filed a trademark infringement suit against Plaid, accusing it of deceptively mimicking its log-in screen, colour scheme and logo to trick users into entering their financial details.