U.S. Bank and fintech leader Fiserv have signed an agreement that makes it simpler and more secure for customers to exchange data between their U.S. Bank account and the applications that Fiserv enables.
Using an application programming interface (API), consumers can link their financial data with the third-party applications they select, allowing easier access to use their money when, where, and how they want. This capability is enabled by AllData® Aggregation from Fiserv, which aggregates more than 18,000 consumer data sources including bank, credit card, investment, retirement, insurance and loan accounts.
When an API is used, it gives customers the ability to authorize what data is shared, while removing the need to give their user names and passwords to a third party. This tokenization means customer experiences are not only seamless, they are more secure.
It is only the latest agreement U.S. Bank has reached to give customers more options and control over their data. Building on previous announcements with numerous fintechs and aggregators in the past year, the bank has demonstrated its continued commitment to ensuring the privacy and protection of personal information.
“We want to give our customers experiences with their money that are fast, easy, and make their financial lives simpler,” said Gareth Gaston, executive vice president of Digital Platforms at U.S. Bank. “And those things are only worth doing if they are secure. Agreements like this are innovative on both fronts. Partnering with a leader like Fiserv allows us to expand customer options even more.”
“Through our participation with the Financial Data Exchange (FDX) and our collaboration with organizations like U.S. Bank, Fiserv continues to enhance and expand our existing infrastructure to help provide consumers with secure access to the information they need to better manage their financial lives,” said Tom Allanson, president of Enterprise Payment Solutions at Fiserv.
U.S. Bancorp, with more than 70,000 employees and $495 billion in assets as of December 31, 2019, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank one of the 2020 World’s Most Ethical Companies. Visit U.S. Bank at usbank.com or follow on social media to stay up to date with company news.
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500, and is among FORTUNE World’s Most Admired Companies®. Visit fiserv.com and follow on social media for more information and the latest company news.
Antoine J. LaFromboise, U.S. Bank