Truist Picks Plaid to Expand Open Banking Offering

The data access agreement is designed to give customers better financial control and insights, Sherry Graziano, Truist’s head of digital, client experience and marketing, said in a Thursday (March 12) news release.

“This is just one way we’re providing a secure, personalized banking experience that digitally empowers clients and small business owners with a broader view of their financial lives,” she said. “By delivering modern, integrated digital banking through open banking, we’re able to deepen relationships and build trust.”

Aside from connectivity, the companies say their collaboration includes “product enhancements and architectural improvements” aimed at improving data quality, supporting innovation and helping clients to combat fraud.

“This partnership combines Truist’s commitment to client-centric innovation with Plaid’s leading data network to deliver industry-defining experiences,” said Christy Sunquist, head of open finance at Plaid.

“Together, the companies are expanding the capabilities of API connectivity and advancing data-driven innovation, including shared intelligence, to provide clients with secure and convenient access to their accounts.”

Truist introduced its first open banking integration last month as it linked up with Mastercard’s open finance technology.

The platform is aimed at giving consumers and small businesses “secure, centralized access to their financial data, unlocking transparency, personalization and control across a growing ecosystem of trusted FinTech apps,” the bank said in a news release.

These customers can connect to the apps of their choice via direct connections to Mastercard’s open finance platform, letting them manage which applications can view their financial data and for what reason, without sharing usernames or passwords, per the release.

“Open banking digitally empowers Truist clients and small business owners with secure, personalized experiences and a more holistic view of their financial lives,” Graziano said.

Although open banking has been popular in places like the United Kingdom, it has been slower to catch on in the United States, PYMNTS wrote last year.

Findings from the PYMNTS Intelligence report “Consumer Sentiment About Open Banking Payments” show that roughly 11% of U.S. consumers used open banking payments, while 56% of consumers who had not used open banking pointed to concerns about security and trust as major factors holding them back.

“While close to 43% trust their banks to deliver open banking services, that leaves much work in awareness and credibility,” PYMNTS reported in August.