PNC Financial Services Group, Inc. (PNC) and Plaid, a leading fintech company specializing in data transfer networks, have joined forces to revolutionize how PNC customers manage their financial data. This new bilateral data access agreement will empower PNC customers nationwide to securely and efficiently share their financial information with their preferred financial applications through Plaid’s robust platform.
To facilitate this secure data exchange, PNC leverages Akoya, its chosen Application Programming Interface (API) service provider. This partnership underscores PNC’s commitment to providing customers with greater control over their financial data while ensuring its security and privacy. Notably, the integration of Akoya’s Data Access Network into PNC Bank, a subsidiary of PNC Financial, was initially announced in 2021.
This strategic move by PNC comes at a time when other major banks like Wells Fargo & Company (WFC) and U.S. Bancorp (USB) are also accelerating their API technologies. Last week, WFC expanded its API portfolio with the launch of specialized APIs for its Commercial Banking clients, streamlining data transfer between trading partners and reducing information delays. In June, Elavon, a wholly-owned subsidiary of USB, introduced the Elavon Cloud Payments Interface, a cutting-edge API designed to simplify digital and in-person payment experiences for hotels and other hospitality businesses.
Natalie Talpas, executive vice president of Digital and Payments at PNC, emphasized the significance of this partnership: “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 permissions without having to share their login credentials with third parties.” Talpas further stated, “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.”
PNC’s data access agreement with Plaid reflects the bank’s dedication to enhancing its digital banking offerings while empowering customers with greater security and control over their financial data. This strategic move is expected to bolster customer loyalty and attract new clients seeking advanced secure digital solutions, potentially leading to increased transaction volumes and higher revenue streams. Over the past month, shares of PNC have gained 20.2%, significantly outperforming the industry’s growth of 8.7%.
