This story requires our BI Prime membership. To read the full article,Zach Perret, CEO and cofounder of Plaid, said the startup wants to work with big banks to put controls in place around customers' data.
Zach Perret, chief executive of Plaid, told Business Insider that the startup, which streams data between bank accounts and financial apps, fully supports banks' desire to have controls in place for their customers to manage access to their information, and in some cases is already collaborating with them.by Visa for $5.
"At any point along the value chain, whether the consumer is interacting directly with the bank. They are interacting directly with the app. Or perhaps with Plaid along the way. They should be able to control who is accessing their financial data, what they are accessing it for and turn it off or turn it on as they need to," he said.
Piepszak also briefly detailed a dashboard customers could use to control access to their data, something Perret said Plaid worked with the bank on. last September, has already built out a data management platform for its consumer and small business customers called Control Tower.
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