Information security and access to third-party data is at the heart of a dispute between an established financial giant and Venmo, the PayPal-owned payment app that’s challenged big banks. Customers from Pittsburgh-based PNC Bank have complained in recent months that they no longer can transfer funds to their Venmo accounts. The change disrupted customers’ financial transfers, and has resulted in a public back-and-forth between Venmo and the bank. Venmo has told customers to tweet complaints at PNC. In turn, PNC has encouraged frustrated customers to move to Zelle, a Venmo competitor operated by a network of banks. In an Oct. 29 tweet, PNC’s customer service account said the bank has made a “security enhancement” which “may be causing difficulty when you try to link your PNC [account] with Venmo.” As part of its security upgrade, PNC stopped Plaid, a third-party data aggregator, from accessing PNC customers’ account and routing information, […]
The post Venmo and PNC Bank are fighting over third-party data access appeared first on CyberScoop.
Continue reading Venmo and PNC Bank are fighting over third-party data access→