JPMorgan Chase inks data sharing deal with Envestnet | Yodlee

Source: Envestnet | Yodlee

Envestnet | Yodlee (NYSE: ENV), a leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services, and JPMorgan Chase have signed a data sharing agreement, providing the framework for the bank's customers to more securely and effectively share and use their personal financial information to improve their overall financial wellness.

Under this agreement, Chase customers can safely and securely connect to and send their financial information to the more than 1,200 third-party applications on the Envestnet | Yodlee financial data aggregation platform. Once completed, consumers will experience faster and more reliable access to these applications through a direct and secure connection to the bank's API (application program interface) using a token-based approach that allows customers to share their information without storing their usernames or passwords on the Envestnet | Yodlee platform.

Envestnet | Yodlee powered services help millions of Chase customers better manage their spending, budgeting, savings, and investments – in an effort to improve their overall financial wellness. This agreement enables Chase customers to use these popular financial applications supported by Envestnet | Yodlee to make better financial decisions while benefitting from even stronger security, along with improved data connectivity and reliability.

"We believe 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 wellbeing," 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."

"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."

The Envestnet | Yodlee platform has proudly fueled innovation for financial institutions and fintech for over 19 years in an effort to help consumers get better lending rates, lower fees, higher returns, and more. Envestnet | Yodlee is the market leader in financial data aggregation, partnering with more than 1,200 financial institutions and fintech innovators, including the vast majority of the top 20 U.S. banks, enabling a massive data network associated with tens of millions of consumers who use platform-related personalized apps and services.

Chase's data exchange API is aligned with the Financial Data Exchange standard. Both Chase and Envestnet | Yodlee are Board Members of the Financial Data Exchange, a nonprofit dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for more secure and convenient consumer and business access to their financial data. 

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