Wells Fargo has signed a data-exchange agreement with Intuit, allowing its customers using financial management tools such as QuickBooks to tap into an application-programming interface (API) when importing account information.
The API makes use of a tokenised 'handshake' between the companies’ servers, phasing out the need for Intuit customers using QuickBooks, Mint and TurboTax to share their Wells Fargo passwords and the requirement for Intuit to store them to retrieve bank account data.
Wells Fargo Virtual Channels head of digital Brett Pitts said: “This agreement creates a much better experience for our shared customers, gives them greater control over their financial data, and enhances the efficiency of the data-sharing process.
“The APIs that we have created for the purposes of sharing data with firms such as Intuit are truly unique to the industry. These new tools are designed to be flexible and adaptable, while meeting the needs of the customer, the bank, and the providers of financial management tools.”
The new service is expected to be introduced in the second half of 2017.
“The customer has more choice and control with this new model. Customers choose what account information they want to share with Intuit, and, through the API, the customer’s credentials are not used to initiate the data sharing,” Pitts added.