25 September 2017
visit www.avoka.com

Wells Fargo signs data sharing deal with financial agreggator Finicity

05 April 2017  |  5675 views  |  0 data migration

Wells Fargo's efforts to strengthen data access and sharing for customers using third party apps has moved on apace with an API integration agreement with real-time aggregation service Finicity.

The data exchange deal with Finicity allows the popular PFM tools that rely on Finicity’s APIs to access Wells Fargo customer-permissioned data once the proper authorisations are obtained.

It follows a similar agreement with Intuit which enables customers to import account information to financial management tools such as QuickBooks without having to hand over their account credentials.

The API uses a secure, tokenised 'handshake' between the companies’ servers, eliminating the need for customers to share their Wells Fargo usernames and passwords, and the need for Intuit to store them in order to retrieve bank account data.

The issue of customer data sharing has been a sticking point in bank relationships with fintech competitors. Banks have traditionally 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.

“Establishing a data-sharing process with a provider like Finicity creates a much better experience for our customers,” says Brett Pitts, head of digital for Wells Fargo Virtual Channels. “This allows our customers to choose where and how to use their financial data, while also maintaining the privacy of their user credentials.”

Finicity will access Wells Fargo’s data exchange API on Wells Fargo’s Gateway Channel developer portal, which was launched in September of 2016 and houses a suite of APIs that allow commercial and corporate banking customers to integrate Wells Fargo products, services and information into their own digital environments.

Comments: (0)

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

Wells Fargo refines innovation effort; zones in on payments, AI and APIs

Wells Fargo refines innovation effort; zones in on payments, AI and APIs

10 February 2017  |  11002 views  |  1 comments | 10 tweets | 22 linkedin
Wells Fargo app sets customers savings challenges

Wells Fargo app sets customers savings challenges

08 February 2017  |  6770 views  |  0 comments | 11 tweets | 8 linkedin
Wells Fargo inks data sharing agreement with Intuit

Wells Fargo inks data sharing agreement with Intuit

03 February 2017  |  9151 views  |  0 comments | 13 tweets | 9 linkedin
Wells Fargo Digital Lab offers a front-row seat to the future of banking

Wells Fargo Digital Lab offers a front-row seat to the future of banking

17 January 2017  |  9444 views  |  0 comments | 18 tweets | 23 linkedin
Wells Fargo forms payments and digital group

Wells Fargo forms payments and digital group

12 October 2016  |  7016 views  |  1 comments | 10 tweets | 3 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.sibos.comvisit www.temenos.comvisit www.ncr.com

Top topics

Most viewed Most shared
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
11282 views comments | 15 tweets | 30 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
9036 views comments | 16 tweets | 1 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8850 views comments | 19 tweets | 27 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
8545 views comments | 34 tweets | 46 linkedin
hands typing furiouslyBlockchain is a new way of thinking?
7145 views 2 | 10 tweets | 1 linkedin

Featured job

A minimum of £200K (not a limiting factor)
London

Find your next job