US Bank has entered into an open finance partnership with local financial services company Plaid.
The move will enable US Bank customers to connect their accounts to third-party apps.
According to the lender, the integration was carried out in ‘record time’ to upgrade its customers to an API-based, credential-less open finance experience with Plaid.
Additionally, the collaboration will provide new bi-directional functionality between US Bank My Controls and the Plaid Portal.
This will enable the customers to adjust the permissions swiftly. This settings will remain synced across around 4,500 applications on Plaid’s network.
US Bank executive vice-president and chief digital officer for platforms and capabilities Gareth Gaston said: “What we did together with Plaid is a huge step forward in open finance, especially for our shared customers.
“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.”
Notably, US Bank and Plaid are members of the non-profit (FDX). The entity works to unifying the financial industry on a common standard for secure access of user permissioned financial data.
US Bank is one of the largest banks in the country. In the first quarter of this year, the financial institution posted a net income of $2.23bn.
On the other hand, Plaid raised $425m in Series D last month. The funding round increased its valuation to $13.4bn.