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US Bank and Fiserv ink data exchange deal

Source: US Bank

U.S. Bank and fintech leader Fiserv have signed an agreement that makes it simpler and more secure for customers to exchange data between their U.S. Bank account and the applications that Fiserv enables.

Using an application programming interface (API), consumers can link their financial data with the third-party applications they select, allowing easier access to use their money when, where, and how they want. This capability is enabled by AllData® Aggregation from Fiserv, which aggregates more than 18,000 consumer data sources including bank, credit card, investment, retirement, insurance and loan accounts.

When an API is used, it gives customers the ability to authorize what data is shared, while removing the need to give their user names and passwords to a third party. This tokenization means customer experiences are not only seamless, they are more secure.

It is only the latest agreement U.S. Bank has reached to give customers more options and control over their data. Building on previous announcements with numerous fintechs and aggregators in the past year, the bank has demonstrated its continued commitment to ensuring the privacy and protection of personal information.

“We want to give our customers experiences with their money that are fast, easy, and make their financial lives simpler,” said Gareth Gaston, executive vice president of Digital Platforms at U.S. Bank. “And those things are only worth doing if they are secure. Agreements like this are innovative on both fronts. Partnering with a leader like Fiserv allows us to expand customer options even more.”

“Through our participation with the Financial Data Exchange (FDX) and our collaboration with organizations like U.S. Bank, Fiserv continues to enhance and expand our existing infrastructure to help provide consumers with secure access to the information they need to better manage their financial lives,” said Tom Allanson, president of Enterprise Payment Solutions at Fiserv. 

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