Wells Fargo & Company (NYSE: WFC) announced on Thursday it has signed a new data exchange agreement with U.S. fintech Plaid. According to the duo, this new agreement will allow 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).
“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 Towerdigital 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.”
While sharing more details about the agreement, Ben Soccorsy, Head of Digital Payments for Wells Fargo Virtual Channels
“We want to be where our customers are. 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.”
Sima Gandhi, Head of Business Development and Strategy at Plaid, went on to add:
“It is critical that consumers have more secure and seamless access to their own financial data to power their modern financial lives 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.”