PNC Financial Services and Plaid Innovate Financial Data Sharing

Author: Caleb Price Updated: 09-20-2024 10:31 AM

PNC Financial Services Forms Strategic Partnership with Plaid

PNC Financial Services Group, Inc. and Plaid have established a significant partnership that promises to enhance the security and management of financial data for PNC customers. This innovative bilateral data access agreement allows users to connect and share their financial information securely with a variety of applications powered by Plaid.

Enhancing Customer Control and Security

The newly forged agreement focuses on empowering PNC customers to maintain control over their financial data while utilizing third-party financial applications. According to Natalie Talpas, executive vice president of Digital and Payments at PNC, this arrangement reinforces data security, privacy, and customer control.

API Services for Efficient Data Sharing

To facilitate this secure connection, PNC utilizes Akoya as its API service provider, streamlining the process for customers to connect quickly to their apps. This approach allows users to grant access to their financial information without sharing their login credentials with external services, making financial management simpler and safer.

Collaborative Goals for Better Financial Outcomes

Both companies are committed to moving away from traditional credential-based access methods for financial data. Christy Sunquist, the head of Open Finance Partnerships at Plaid, emphasized the importance of security, access, and control in achieving their mutual goals. By working closely, they aim to create a more secure environment for customers.

Supporting Financial Well-being

PNC and Plaid are determined to support their customers in achieving healthier financial lives through this partnership. By enabling seamless access to applications, they provide users with choices that empower them to manage their finances effectively.

About PNC Financial Services Group

PNC Financial Services Group, Inc. is one of the leading diversified financial services institutions in the market, focusing on building strong relationships with customers and communities. It offers an extensive array of retail and business banking products, wealth management services, and lending solutions tailored to meet diverse financial needs.

About Plaid

Plaid is dedicated to transforming the financial landscape by developing tools that help millions lead healthier financial lives. Its mission includes simplifying payment processes, revolutionizing lending practices, and combating financial fraud. With connections spanning over 12,000 institutions, Plaid is a backbone for many fintech applications.

Frequently Asked Questions

What is the main purpose of the agreement between PNC and Plaid?

The primary objective is to enhance the security and control of financial data for PNC customers, allowing them to share information with various applications safely.

How does the Akoya API play a role in this partnership?

Akoya serves as the API service provider, enabling efficient and secure data sharing while ensuring that customers do not have to share their login credentials with third-party applications.

What benefits do customers gain from using this new feature?

Customers gain increased security, more control over their financial information, and easier access to their favorite financial management applications.

What are PNC's offerings for financial services?

PNC offers a comprehensive range of financial solutions, including retail and business banking, lending products, and wealth management services, tailored to suit diverse customer requirements.

How does Plaid support financial institutions?

Plaid provides the infrastructure that allows financial institutions and fintech applications to connect seamlessly, facilitating better customer choices and enhanced financial management.

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