Wells Fargo And Plaid Sign Data Exchange Agreement

Jeremy Lyon @ 20-12-2020

Wells Fargo and Company (NYSE: WFC) is a diversified, community-based financial services company with a fortune of $1.9 trillion. Wells Fargo`s vision is to meet the financial needs of our customers and help them financially succeed. Founded in 1852, Wells Fargo is headquartered in San Francisco and provides banking, investment and mortgage services, as well as consumer and commercial finance, more than 13,000 ATMs, the Internet (wellsfargo.com) and mobile banking, and has branches in 32 countries and territories to assist clients operating in the global economy. With approximately 263,000 team members, Wells Fargo serves one of three homes in the United States. Wells Fargo and Company was ranked 29th in the 2019 Fortune 2019 ranking of the largest U.S. companies. Wells Fargo`s latest news, insights and insights are also available at Wells Fargo Stories. “It is essential that consumers have safer and more fluid access to their own financial data in order to strengthen their modern financial life,” said Sima Gandhi, Director of Business Development and Strategy at Plaid, and our collaboration with Wells Fargo will enable our common customers to enjoy the best of fintech innovations for years to come. We are particularly excited by Wells Fargo`s leading approach to improving user control and transparency by ensuring compatibility between the Plaid platform and Wells Fargo`s Control Tower.

The partnership between Plaid and Wells Fargo, focused on trust and cooperation, explains how traditional banking and technology companies can jointly innovate. The app, launched by Wells in 2018, allows customers to see which third parties can access their bank details. You can revoke these permissions when selecting. The company has seen a strong use of the control tower, which also allows customers to manage subscriptions and other recurring payments that have been set up on their Wells Fargo cards and accounts, and reverse debit and credit cards and mobile wallets, Soccorsy said. Even one Plaid executive said the bank is thinking in the right direction. “I think it`s the right thing for a user to do to be able to go to a bank`s homepage or control panel and see where their data is shared by that bank,” Sima Gandhi, Plaid`s director of business development and strategy, told American Banker. “Wells is doing the right thing. We must continue to lay the bar for what control means as technology evolves. When Wells Fargo announced Thursday that it had signed a data-sharing agreement with Envestnet Yodlee, it was an important step for the company.

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