Plaid and U.S. Bank collaborate to deliver a secure open finance experience

The rapid integration enables improved choice and flexibility for customers when linking third-party apps with their accounts.

A collaboration between U.S. Bank, the fifth-largest bank in the U.S. and Plaid, the digital finance innovator with more than 11,000 financial institutions in its network, brings enhanced simplicity, transparency, and security to U.S. Bank customers who want to connect their accounts to third-party apps.

The two companies joined forces to upgrade U.S. Bank customers to an API-based, credential-less open finance experience with Plaid - in record time.

Even more, the integration includes new bi-directional functionality between U.S. Bank My Controls and the Plaid Portal (currently in beta). Now shared customers adjust their permissions quickly and easily through either company's experience and the settings will remain synced across more than 4,500 applications on Plaid's network.

"What we did together with Plaid is a huge step forward in open finance, especially for our shared customers," said Gareth Gaston, executive vice president and chief digital officer for platforms and capabilities at U.S. Bank. "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."

The accelerated time to market is a credit to the close technical partnership between Plaid and U.S. Bank. This partnership made the migration as seamless as possible, while at the same time preserving a great, frictionless experience for customers. It is also a significant step to achieving Plaid's industry-first goal to commit 75% of its traffic to APIs by the end of 2021.

"It's amazing what you can accomplish when you have a shared vision for providing customers with secure, transparent and delightful digital experiences," said Ginger Baker, head of financial access at Plaid. "Plaid is committed to an API-based ecosystem and the customer-focused vision we share with U.S. Bank helped us collectively reach this milestone quickly - it is a true partnership."

Plaid and U.S. Bank are members of the nonprofit Financial Data Exchange (FDX), which is focused on unifying the industry around common standards for secure consumer and business access to their financial data. Today's announcement is a reflection of FDX's commitment to advancing consumer transparency, security, and control.