U.S. Bank and the FinTech Fiserv are collaborating to streamline data sharing so customers can easily connect their financial information with their preferred third-party app, the companies said in a statement on Monday (March 16).
Consumers can safely link their data using an application programming interface (API). The data connection is facilitated by AllData Aggregation from Fiserv, which collects information from over 18,000 consumer data sources, such as credit cards, investments and loan accounts.
“We want to give our customers experiences with their money that are fast, easy and make their financial lives simpler,” said Gareth Gaston, executive vice president of digital platforms at U.S. Bank. “And those things are only worth doing if they are secure. Agreements like this are innovative on both fronts. Partnering with a leader like Fiserv allows us to expand customer options even more.”
By utilizing an API, customers can choose what data is linked without having to provide personal information like usernames, which makes the process easier and safer.
“Through our participation with the Financial Data Exchange (FDX) and our collaboration with organizations like U.S. Bank, Fiserv continues to enhance and expand our existing infrastructure to help provide consumers with secure access to the information they need to better manage their financial lives,” said Tom Allanson, president of enterprise payment solutions at Fiserv.
Wisconsin-based Fiserv is a global financial services firm with more than 13,000 clients and 21,000 associates in over 100 countries. It was founded by Curry Pelot, Dale Jensen, Steve Cotton in 1984 and started trading on NASDAQ in 1986.
Minneapolis-based U.S. Bank is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the country. The bank had over 70,000 employees and $495 billion in assets at year-end in 2019.
Fiserv partnered with ExxonMobil and Amazon in January to bring Alexa capabilities to gas pumps. The phrase “get gas” is easy for both artificial intelligence (AI) and customers to understand and remember. When combined with things like geofencing technology and a direct path to the gas station point of sale (POS), a voice command simplifies the entire fuel purchase experience.
A PYMNTS survey indicated that 63 percent of people who purchase goods and services with apps buy gas at least once a week. Some 73 percent of app users report that they are more likely to revisit a location if the app experience is convenient.