15 December 2017
visit www.avoka.com

Intuit and Chase agree data sharing deal

25 January 2017  |  5363 views  |  2 File sharing

Chase customers can now import their financial data to Intuit financial management tools without having to hand over their account credentials, addressing a key flashpoint in bank relationships with third party technology companies.

The companies says the agreement sets the bar for how banks and technology companies can work together to serve their shared customers. It uses an application programming interface to download the requested account information automatically into Intuit financial management tools, such as Mint, TurboTax Online and QuickBooks Online.

“The most important part of this is giving control to the customer,” says Jamie Dimon, chairman and CEO of JPMorgan Chase. “Customers will get to decide what they want to share and when they want to share it - without having to hand over their password.”

The issue of customer data sharing has been a sticking point in bank relationships with fintech competitors. Earlier this month, a host of US fintech firms - including Betterment, Kabbage and Ripple - set up an industry group to push for consumers' rights to share their bank financial data with third parties.

Banks have been reluctant to provide access to data to upstart competitors and say that the practice of customers giving third parties the ability to login to their accounts for this purpose poses a security risk.

The agreement between Intuit and Chase aligns closely with the Center for Financial Services Innovation’s “Consumer Data Sharing Principles,” released in October 2016. These principles create a roadmap for secure collaboration between the financial services and technology industries to help consumers manage their financial lives.

Gordon Smith, CEO of consumer & community banking at Chase, says: “We encourage all financial institutions, aggregators and application service providers to join us in helping consumers and businesses use technology tools to understand their financial lives, identify new needs and make better decisions about their money.

“We will continue to pursue technology and industry advancements that place consumers and businesses at the center, allowing them to control who has access to their financial information in a way that prioritises ease of use and transparency for all."

Comments: (2)

A Finextra member
A Finextra member | 25 January, 2017, 16:40

Wow! The only bank to the best of my knowledge that is implementing the right steps of digitization and in a well balanced eco system. Congrats!

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Patricia Hines
Patricia Hines - Celent - Charlotte | 25 January, 2017, 23:40

The online accounting solution provider, Xero, has been connecting to its partner banks via direct feed APIs since at least 2015. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

US fintech firms join forces to push data sharing via APIs

US fintech firms join forces to push data sharing via APIs

19 January 2017  |  20220 views  |  4 comments | 70 tweets | 56 linkedin

Related company news

 

Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.aciworldwide.comvisit www.solutions.lexisnexis.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10002 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
9427 views comments | 17 tweets | 36 linkedin
Brits flock to digital-only banksBrits flock to digital-only banks
7435 views 11 comments | 11 tweets | 15 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
6861 views comments | 19 tweets | 20 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6252 views 0 | 4 tweets | 2 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job