PNC Financial Services Partners with Plaid for Data Solutions

Author: Evelyn Baker Updated: 09-20-2024 10:11 AM

PNC Financial Services Joins Forces with Plaid

In an exciting development for PNC Financial Services Group, Inc. (NYSE: PNC) and Plaid, both companies have announced a new data access agreement. This arrangement empowers PNC customers to share their financial data securely with applications powered by Plaid, enhancing their financial management capabilities.

A New Level of Data Security

With this partnership, PNC is prioritizing the security and privacy of its customers. By utilizing Akoya as their API service provider, PNC enables seamless sharing of financial information. This allows customers to connect to their desired financial applications confidently and safely, ensuring their login credentials remain private.

Improved Control Over Financial Data

According to Natalie Talpas, executive vice president, Digital and Payments at PNC, this cooperation allows customers to experience enhanced data control. "Through this new partnership with Plaid, PNC customers will achieve greater data security while enjoying the services they depend on," she said. This level of control means customers are empowered to manage their financial data actively, rather than passively sharing sensitive information.

Industry Movement Towards Security

Plaid's commitment to security aligns with PNC’s goals. Christy Sunquist, head of Open Finance Partnerships at Plaid, expressed enthusiasm about the partnership. She noted, "Moving the industry away from credential-based access is a top priority for Plaid." This cooperation sets a precedent for future industry standards, focusing on safety and user control.

Commitment to Customer Empowerment

Together, PNC and Plaid are devoted to helping customers maintain healthier financial lives. Their collaboration aims at providing better tools that facilitate proactive financial management. By focusing on customer needs, both organizations are taking strides towards innovation in the finance industry.

About PNC Financial Services Group

The PNC Financial Services Group, headquartered in the United States, stands as one of the largest diversified financial services institutions. PNC is dedicated to establishing strong relationships with its customers and communities, offering local delivery of comprehensive retail and business banking services. PNC caters to the needs of various clients, including corporations and government entities, with specialized banking, lending, and wealth management services.

About Plaid

Plaid powers tools that millions rely on for a healthier financial life. They aim to foster a more inclusive and competitive financial system by streamlining payments and improving lending processes. With a network covering over 12,000 institutions, Plaid serves a diverse range of clients from fintech startups to major banks, providing individuals and businesses with flexibility in managing their financial resources.

Frequently Asked Questions

What is the main benefit of the PNC and Plaid partnership?

The partnership offers enhanced security and privacy for customers when sharing financial data through third-party applications.

How does this agreement improve customer control?

Customers can manage what financial data is shared without having to disclose their login credentials to third-party services.

Who is PNC's API service provider?

PNC utilizes Akoya as its API service provider for secure data sharing solutions.

What is Plaid's role in this arrangement?

Plaid facilitates the connection between PNC customers and various financial applications, ensuring secure data handling.

What commitment do both companies share?

Both PNC and Plaid are committed to creating a safer financial management environment for customers, focusing on security and control over their data.

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