U.S. Bank has entered into a direct data agreement with Finicity.
The agreement is the result of a partnership focused on designing superior customer experiences. In addition, it wants to set the stage for the future of data sharing.
Go deeper with GlobalData
Benefits are set to be passed onto U.S. Bank customers, including increased security, reliability, and control. For customers wanting to permission their data, the process is easier and more secure.
It all focuses around an API providing rapid access to data through a secure, tokenised process. As a result, U.S. Bank customers will not have to share credentials with anyone other than the bank.
Integration is set to be simple for consumers. The API directs them to a familiar login experience from U.S. Bank. Each customer gains access to a portal where they can manage the sharing of their financial data. Consumer education and consent are also at the forefront of this agreement and has informed implementation.
According to a blog post from Finicity: “While this agreement with U.S. Bank comes after much research, thought, and dialogue, it is not the end of the journey. Rather, it is the beginning—a gateway to new opportunities, new products, and new possibilities.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThis is not the first data pact U.S. Bank has signed this year. In July, it also inked an agreement with Intuit in order to enable its customers to share financial data in a secure way.
Customers of the bank utilising Intuit’s financial management tools including QuickBooks will be able to use an API when importing account data.
Through this process, the connection is authorised without the need for customers to share their data with a third party.
Earlier this month, the lender also acquired Silicon Valley-based software firm talech as part of its strategy to bolster digital expertise.
Financial terms of the acquisition were not divulged.
Set up in 2012, talech delivers software solutions to SMEs to simplify operations.
