CHARLOTTE, N.C.— Truist Financial Corp. has launched its first open banking integration, partnering initially with Mastercard to allow customers to securely connect their bank accounts to third-party financial applications, the company said Thursday.
The Charlotte-based bank said the new API-based platform enables consumer and small-business clients to access and share their financial data across a network of approved financial technology providers without providing usernames or passwords.
Instead, customers can grant permission through tokenized connections that allow them to control which apps can view their data and how it is used, Truist said in a statement.
Truist selected Mastercard’s open finance technology as its first direct integration, citing the payments company’s application programming interface connectivity and security capabilities.
‘Empowering’ Clients
Sherry Graziano, Truist’s head of digital, client experience and marketing, said the move is intended to give customers a more comprehensive view of their finances while maintaining safeguards around data sharing.
“Open banking digitally empowers Truist clients and small business owners with secure, personalized experiences and a more holistic view of their financial lives,” Graziano said. She added that the platform is designed to expand payment options, improve financial insights and create new opportunities for consumers with limited credit histories.
Bart Willaert, executive vice president of open finance for the Americas at Mastercard, said the collaboration is aimed at delivering “secure, convenient financial experiences” while emphasizing trust and data protection.
How Open Banking Works
Open banking allows consumers to share banking information with third-party providers through secure technology connections rather than screen scraping or manual credential sharing. Financial institutions have increasingly adopted such systems as demand grows for integrated digital financial tools.
Truist said additional fintech connections are expected to be added over time as it expands the open banking ecosystem available to its clients.
