Truist Financial Corporation has announced a comprehensive data-access partnership with fintech platform Plaid Inc., marking a significant expansion of open banking services for the Charlotte-based bank's clients.
The collaboration, unveiled on March 12, 2026, focuses on delivering enhanced financial control and insights through secure data sharing mechanisms. The partnership represents a strategic move to modernize banking experiences while maintaining robust security standards.
"By working together through cooperative data sharing, we're offering clients improved financial control and insights," said Sherry Graziano, Head of Digital, Client Experience and Marketing at Truist. "This is just one way we're providing a secure, personalized banking experience that digitally empowers clients and small business owners with a broader view of their financial lives."
The partnership extends beyond basic connectivity, incorporating joint product enhancements and architectural improvements designed to elevate data quality standards. These developments aim to support continued innovation across the broader open banking ecosystem while helping clients combat financial fraud.
Key features of the collaboration include the implementation of an FDX-aligned API that eliminates the need for credential sharing. This technology enables clients to manage or revoke account connections securely, providing greater transparency and control over their financial data.
The partnership also introduces shared data and risk indicators sourced from both companies' existing networks, creating a more robust security framework. Additionally, returning users will benefit from a simplified experience through secure, streamlined login processes that reduce friction in digital banking journeys.
"By delivering modern, integrated digital banking through open banking, we're able to deepen relationships and build trust," Graziano added.
Plaid's leadership emphasized the strategic value of combining their data network capabilities with Truist's client-focused approach. "This partnership combines Truist's commitment to client-centric innovation with Plaid's leading data network to deliver industry-defining experiences," said Christy Sunquist, head of open finance at Plaid.
Sunquist highlighted the partnership's broader implications for the financial services industry. "Together, the companies are expanding the capabilities of API connectivity and advancing data-driven innovation, including shared intelligence, to provide clients with secure and convenient access to their accounts," she said.
The collaboration leverages both organizations' existing networks to provide clients with increased financial control and insights, according to the companies. This approach aims to create a more comprehensive view of users' financial lives while maintaining security and privacy standards.
Truist, with total assets of $548 billion as of December 31, 2025, operates as a top-10 commercial bank with leading market positions across high-growth U.S. markets. The bank offers services ranging from consumer and small business banking to investment banking and wealth management.
Plaid operates a global data network serving millions of users across financial technology applications. The San Francisco-based company's network spans over 12,000 institutions across the United States, Canada, United Kingdom, and Europe, working with fintech companies, Fortune 500 organizations, and major banks.
The partnership positions both companies to capitalize on the growing demand for open banking solutions as consumers and businesses seek greater control over their financial data and more seamless digital banking experiences. Industry observers will be watching how this collaboration influences broader adoption of open banking standards and impacts competitive dynamics in the financial services sector.