Fiserv and Plaid Create Financial Fusion

<p>Fiserv, the <a href="https://www.financemagnates.com/terms/p/payments/">payments</a> and tech wizard, has joined forces with data
maestro Plaid in a harmonious data-sharing partnership. This dynamic duo is set
to revolutionize how customers of Fiserv-hosted banks and credit unions access
a treasure trove of more than 8,000 applications and services on the Plaid
network. And the best part? They do it securely and seamlessly, through those
mystical tunnels called application programming interfaces (APIs). </p><p>Meeting Consumer Needs</p><p>This partnership is a response to apparently relentless consumer demand,
a symphony of voices demanding easy access to their financial information and
services. Jason Lazzerini, the executive vice president and chief digital
officer at <a href="https://www.fiserv.com/" target="_blank" rel="nofollow">Fiserv</a>-hosted Central Pacific Bank, eloquently sums it up, "Our
customers want to ensure reliable connections to the applications they choose
to do business with, and we see the partnership between Fiserv and <a href="https://plaid.com/en-eu/" target="_blank" rel="nofollow">Plaid</a> as an
important step to delivering secure open banking." </p><p>Fiserv's AllData Connect</p><p>The collaboration is powered by <a href="https://www.fiserv.com/en/solutions/data-aggregation/all-data-connect.html" target="_blank" rel="nofollow">Fiserv's AllData Connect</a> tool, a system
that allows consumers to share their financial secrets with the third-party
apps and services of their dreams. It's like giving your most trusted confidante
the key to your financial vault, and it's done securely, ensuring your
financials remain a well-guarded secret.</p><blockquote><p lang="en" dir="ltr">This agreement will significantly expand the direct sharing of data between financial institutions and the third parties with which their customers interact. <a href="https://t.co/dHFNiadcq8">https://t.co/dHFNiadcq8</a> <a href="https://t.co/fFRmE9PlVZ">pic.twitter.com/fFRmE9PlVZ</a></p>— Fiserv (@Fiserv) <a href="https://twitter.com/Fiserv/status/1712483365742604586?ref_src=twsrc%5Etfw">October 12, 2023</a></blockquote><p>Expanding the Data Sharing Realm</p><p>“The scale of this agreement is unprecedented in the industry and will
significantly expand the direct sharing of data between financial institutions
and the third parties with which their customers interact,” the companies said
in a news release</p><p>Partnerships All Round</p><p>Prior to this, Fiserv teamed up with <a href="https://akoya.com/" target="_blank" rel="nofollow">Akoya</a> in August. Akoya, a network
of APIs for consumer-permissioned financial information sharing, creates a
streamlined and secure data flow to financial institutions, third parties, and
customers. </p><p>In June, Plaid partnered with American Express to allow the card giant’s
customers to connect seamlessly with any of the apps and services powered by
Plaid without sharing their precious passwords with third-party gatecrashers.
Danielle Cloud, senior vice president of enterprise data governance and
platforms at American Express, summed it up, "This agreement reflects
American Express’ commitment to providing our customers with the security,
control, and transparency they want when sharing their account data with
financial apps of their choosing."</p><p>As data sharing continues to spread and to open up new services and possibilities,
it’s intriguing to wonder what the future might hold. We’re just ever-so aware
that companies as large as <a href="https://www.financemagnates.com/trending/microsofts-38tb-data-fiasco/" target="_blank" rel="follow">Microsoft can have issues maintaining the security
of their information</a>. Devs beware.</p>

This article was written by Louis Parks at www.financemagnates.com.