JPMorgan Chase has signed an agreement with financial data aggregator Finicity to share its customer data with the financial apps and services supported by Finicity through a direct application programming interface (API).
The tokenised access phases out the requirement for the bank’s customers to provide their credentials via third party apps, which the vendor said will support privacy and boost security.
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JPMorgan Chase digital banking head Bill Wallace said: “Working with Finicity, we will enable our customers to make informed decisions while protecting their Chase banking credentials.”
The data aggregator signed a similar agreement with Wells Fargo in April 2017.
Finicity CEO Steve Smith said: ““The customer’s financial data is at the center of a superior experience with financial apps and services. We share JPMorgan Chase’s commitment to helping customers better manage their finances through data access, quality and intelligence.”
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