Fiserv, the payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and tech wizard, has joined forces with data maestro Plaid in a harmonious data-sharing partnership. This dynamic duo is set to revolutionize how customers of Fiserv-hosted banks and credit unions access a treasure trove of more than 8,000 applications and services on the Plaid network. And the best part? They do it securely and seamlessly, through those mystical tunnels called application programming interfaces (APIs).

Meeting Consumer Needs

This partnership is a response to apparently relentless consumer demand, a symphony of voices demanding easy access to their financial information and services. Jason Lazzerini, the executive vice president and chief digital officer at Fiserv-hosted Central Pacific Bank, eloquently sums it up, "Our customers want to ensure reliable connections to the applications they choose to do business with, and we see the partnership between Fiserv and Plaid as an important step to delivering secure open banking."

Fiserv's AllData Connect

The collaboration is powered by Fiserv's AllData Connect tool, a system that allows consumers to share their financial secrets with the third-party apps and services of their dreams. It's like giving your most trusted confidante the key to your financial vault, and it's done securely, ensuring your financials remain a well-guarded secret.

This agreement will significantly expand the direct sharing of data between financial institutions and the third parties with which their customers interact. https://t.co/dHFNiadcq8 pic.twitter.com/fFRmE9PlVZ

— Fiserv (@Fiserv) October 12, 2023

Expanding the Data Sharing Realm

“The scale of this agreement is unprecedented in the industry and will significantly expand the direct sharing of data between financial institutions and the third parties with which their customers interact,” the companies said in a news release.

Partnerships All Round

Prior to this, Fiserv teamed up with Akoya in August. Akoya, a network of APIs for consumer-permissioned financial information sharing, creates a streamlined and secure data flow to financial institutions, third parties, and customers.

In June, Plaid partnered with American Express to allow the card giant’s customers to connect seamlessly with any of the apps and services powered by Plaid without sharing their precious passwords with third-party gatecrashers. Danielle Cloud, senior vice president of enterprise data governance and platforms at American Express, summed it up, "This agreement reflects American Express’ commitment to providing our customers with the security, control, and transparency they want when sharing their account data with financial apps of their choosing."

As data sharing continues to spread and to open up new services and possibilities, it’s intriguing to wonder what the future might hold. We’re just ever-so aware that companies as large as Microsoft can have issues maintaining the security of their information. Devs beware.