US Bank and Plaid sign API integration deal
Plaid and US Bank have signed a collaboration deal to connect the latter’s customers to third-party accounts.
The two companies joined forces to upgrade US Bank customers to “an API-based, credential-less open finance experience”.
Plaid provides APIs to initiate payments between bank accounts and third parties like Venmo, Square Cash, and Robinhood.
The development with US Bank includes bi-directional functionality between the lender’s My Controls service and the Plaid Portal.
“What we did together with Plaid is a huge step forward in open finance,” says Gareth Gaston, US Bank executive vice president and chief digital officer.
“The overall digital financial ecosystem is stronger when credentials are eliminated and replaced with secure APIs. It also helps customers have greater transparency, control and security to ultimately lead healthier financial lives.”
Plaid says the integration was “as seamless as possible”. It adds the deal marks a “significant step” towards its goal of having 75% of its traffic through APIs.
“It’s amazing what you can accomplish when you have a shared vision,” says Ginger Baker, head of financial access at Plaid.
“Plaid is committed to an API-based ecosystem and the customer-focused vision we share with US Bank helped us collectively reach this milestone quickly – it is a true partnership.”
San Francisco-based Plaid raised $425 million in an April Series D. The fresh financing attracted three new investors: Altimeter Capital, Silver Lake, and Ribbit Capital.
Plaid and Visa called off their $5.3 billion mega-merger in January, with the former remaining as an investor and a partner.
Related: Fintech API firm Railz raises $12m in Series A funding round