WELLS FARGO AND PLAID : A PARTNER- SHIP TO PAVE THE WAY ?
BLOCKCHAIN
Today ’ s fintech firms have a narrow line to walk then , between a raging ocean of data in which lies the insights that could allow them to create genuine market disruption , and a customer base demanding increased privacy , particularly regarding financial information . Things like GDPR compliance and participation in Open Banking are going to be an essential strategy for fintech and banks that want to fully utilise customer data .
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WELLS FARGO AND PLAID : A PARTNER- SHIP TO PAVE THE WAY ?
In September , US banking giant Wells Fargo announced that it was entering into a deal with data driven fintech startup Plaid , hot on the heels of the San Francisco-based company receiving new investment from Visa . The new partnership will allow Wells Fargo customers to conveniently and more securely share their financial data with the digital financial tools and services that Plaid supports , using an application-programming interface ( API ). According to a company press release , a large number of Wells Fargo customers access their financial data through
“ It is critical that consumers have more secure and seamless access to their own financial data to power their modern financial lives ”
Sima Gandhi , Head of Business Development and Strategy at Plaid
NOVEMBER 2019