American Express has formed data sharing agreements with Plaid and Yodlee to offer card members the option to connect to thousands of third-party financial apps and services.
AmEx is integrating Plaid and Envestnet | Yodlee into its accounts financials API, meaning that millions of card members can connect their accounts to thousands of apps and services across the digital banking ecosystem without having to share their password with a third-party.
AmEx says that, with the average person using three apps to manage their various financial connections, it’s critical for people to have transparency and control over what data they’re sharing and with whom.
The company says the data sharing deals will increase security, control, transparency, and reliability, while reducing sign-on disruptions.