Plaid enters data access agreement with PNC Financial Services Group

The US-based PNC Financial Services Group has entered into a bilateral data access agreement with data network Plaid to allow customers to securely share their financial data with Plaid-powered financial apps and services.

PNC uses Akoya as its API service provider to provide PNC customers’ financial information to all data recipients.

PNC is one the largest financial institutions in the US, offering retail and business banking, as well as a range of lending products.

“Through this new partnership with Plaid, PNC customers will be able to achieve greater data security, privacy, and control while using the third-party financial apps and services they enjoy,” said Natalie Talpas, executive vice president, digital and payments at PNC.

“PNC’s use of its Akoya-provided API allows for all data recipients, including Plaid, to get connected fast, while also enabling customers to reliably control what financial data they are permissioning without having to share their login credentials with third parties.”

Christy Sunquist, head of Open Finance partnerships at Plaid, added: “Moving the industry away from credential-based access is a top priority for Plaid, and our alignment on key principles around security, access and control played a definitive role in establishing this partnership.”

Last year, Plaid and Fiserv established a data-sharing agreement which meant that individuals served by the nearly 3,000 banks and credit unions hosted by Fiserv would have “credential-less” API-based connectivity to more than 8,000 applications and services on the Plaid network via ‘AllData Connect’ from Fiserv.

Earlier this year, cross-border and cross-currency payments company Western Union partnered with Plaid to launch Open Banking payments for its customers across Europe.