Wells Fargo and Plaid Sign Data Exchange Agreement
19 September 2019 - 9:00PM
Business Wire
Customers will have more control, convenience and transparency
when sharing financial data with Plaid-supported fintech apps
Wells Fargo & Company (NYSE: WFC) announced today it has
entered into a data exchange agreement with Plaid, a leading data
platform. As a result, Wells Fargo customers will be able to
conveniently and more securely share their financial data with the
digital financial tools and services Plaid supports using an
application-programming interface (API).
Many Wells Fargo customers access their financial data through
Plaid to use apps that help them lead healthier financial lives.
With this agreement, Wells Fargo customers will have greater
control over the bank account information they share with
Plaid-supported apps, including the ability to turn on or off data
sharing through Wells Fargo’s Control Tower SM digital experience.
Available in the Wells Fargo Mobile® Banking app and online
banking, Control Tower helps consumer and small business customers
better manage their increasingly complex online financial lives by
providing a single view of their Wells Fargo digital financial
footprint.
“We want to be where our customers are,” said Ben Soccorsy, head
of digital payments for Wells Fargo Virtual Channels. “And if
customers want to share their Wells Fargo account information with
a Plaid-supported app to help them better manage their finances, we
want to enable them to do so seamlessly and more securely. Our
agreement with Plaid, a leading data platform for many financial
management apps, will help our customers share their financial data
with these apps with greater control and transparency.”
Wells Fargo will launch the experience with select Plaid
customers within a year.
“It is critical that consumers have more secure and seamless
access to their own financial data to power their modern financial
lives,” said Sima Gandhi, head of business development and strategy
at Plaid, “and our collaboration with Wells Fargo will ensure that
our mutual customers can enjoy the best of fintech innovation for
years to come. We’re particularly excited by Wells Fargo’s
industry-leading approach to enhancing user control and
transparency by ensuring compatibility between the Plaid platform
and Wells Fargo’s Control Tower. Centered on trust and
collaboration, the partnership between Plaid and Wells Fargo
represents how traditional banking services and technology
companies can innovate together.”
The API used in the agreement will utilize a more secure,
tokenized “handshake” between the companies’ servers through which
customers’ financial data will be shared. Once integrated, the API
will allow customers to share their financial data, while also
maintaining the privacy of their user credentials. The enrollment
process will be easy and designed to work seamlessly within
Plaid-supported apps’ user experiences.
Plaid will access Wells Fargo’s data exchange API on Wells
Fargo’s Gateway Channel, the bank’s open API channel that allows
commercial and corporate banking customers to integrate Wells Fargo
products, services and information into their own digital
environments. The data exchange API is aligned with the Financial
Data Exchange standard and Plaid’s data sharing principles.
Financial Data Exchange is a nonprofit dedicated to unifying the
financial industry around a common, interoperable, royalty-free
standard for more secure and convenient consumer and business
access to their financial data.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,600 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 32 countries and territories to support customers who
conduct business in the global economy. With approximately 263,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 29 on
Fortune’s 2019 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
About Plaid
Founded in 2012, Plaid empowers innovators with access to the
world’s financial data network. By creating a secure and seamless
way for consumers to access their financial data, Plaid makes it
easy for people to use digital tools and services that help them
lead healthier financial lives. One in four consumers with a U.S.
bank account have used Plaid to access their financial data, and
80% of the biggest fintech companies rely on Plaid to operate. The
company is headquartered in San Francisco and operates in the U.S.,
Canada and the U.K.
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version on businesswire.com: https://www.businesswire.com/news/home/20190919005081/en/
Media Stephanie Schwab, 415-396-0611
Stephanie.Schwab@wellsfargo.com
Freya Petersen, 650-793-2694 fpetersen@plaid.com
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