Truist Partners With Plaid to Expand Open Banking Services

Truist Financial is a major U.S. financial services provider, while Plaid supplies technology that connects bank accounts with financial applications. Their open banking initiative will allow customers to authorize secure third-party access to their financial data, improving money management and insights while addressing industry demand for data portability, quality and fraud prevention.

Truist and Plaid have announced a data access agreement under which they will enhance both product capabilities and underlying infrastructure. The partnership aims to improve the quality of shared data, support the development of new services and help identify fraud risks. The companies have not disclosed the signing date, contract value or launch timetable. The initiative is focused on broadening Truist customers’ access to open banking services through Plaid’s ecosystem.