JPMorgan Chase announced an agreement with leading data aggregator Envestnet l Yodlee to help protect customers’ financial data. The agreement will give Chase customers more visibility and control as they use financial apps.
“This will help our customers manage exactly who they give their information to, and understand how their information will be used,” said Bill Wallace, head of Digital at Chase, the U.S. consumer and community banking business of JPMorgan Chase. “They also can cancel that access anytime they want.” With the customer’s permission, Envestnet l Yodlee shares their data with other financial apps and financial institutions to help the customer make smart money decisions more easily.
With this new agreement, Envestnet I Yodlee is committing to send 100% of its requests for Chase customer data through the bank’s secure API, or application programming interface. This will ensure the apps can receive Chase customer data they need while customers control what’s shared with whom.
“Our partnership with Chase will allow further consumer choice, reliability, and insight into how and where their data is being used, along with improved overall financial well-being,” said Stuart DePina, CEO of Envestnet | Yodlee. “As we move toward API-based connectivity in the United States, relationships like the one we have with Chase are laying the groundwork for this reality by giving consumers greater connectivity across their financial accounts, all accomplished through these types of secure and protected channels.”
Because the secure API uses a token-based approach, customers will no longer need to give out their username and password – confidential credentials that should always be treated with the utmost care.
Chase now has signed data agreements with a number of leading aggregators and fintechs, including Finicity and Intuit, maker of TurboTax, QuickBooks and Mint.