JPMorgan Chase, Envestnet l Yodlee Sign Agreement to Increase Customers’ Control of Their Data
05 Dicembre 2019 - 2:00PM
Business Wire
Customers will know exactly what they’re
sharing, from which accounts, and with whom
JPMorgan Chase (NYSE: JPM) announced today an agreement with
leading data aggregator Envestnet l Yodlee to help protect
customers’ financial data. The agreement will give Chase customers
more visibility and control as they use financial apps.
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the full release here:
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“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.” With the customer’s permission,
Envestnet l Yodlee shares their data with other financial apps and
financial institutions to help the customer make smart money
decisions more easily.
With this new agreement, Envestnet I Yodlee is committing to
send 100% of its requests for Chase customer data through the
bank’s secure API, or application programming interface. This will
ensure the apps can receive Chase customer data they need while
customers control what’s shared with whom.
“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 well-being,” 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.”
Because the secure API uses a token-based approach, customers
will no longer need to give out their username and password –
confidential credentials that should always be treated with the
utmost care.
Chase now has signed data agreements with a number of leading
aggregators and fintechs, including Finicity and Intuit, maker of
TurboTax, QuickBooks and Mint.
In the AccountSafeSM dashboard available in the Chase
Mobile app and on chase.com, customers can see every financial app
that is retrieving their data through the secure API -- including
Envestnet | Yodlee-powered apps in the future. They can see all
linked accounts and which information they are sharing, with whom,
from which accounts. They can also see which of their own devices
accessed their accounts and when.
“In the future, we will require all these requests for our
customers’ information to come through the secure API,” Wallace
said. “Our customers deserve that protection and control.”
How the secure API works to protect Chase customers
A Chase customer finds an app, advisor or financial institution
they would like to use, and it’s easier and safer for them to share
their Chase data electronically through the secure API.
- The app uses a company such as Intuit or Envestnet l Yodlee to
connect the customer directly to a secure Chase page. There, the
customer enters their Chase username and password, and the company
doesn’t see or retain that confidential information.
- The customer provides their consent to share data with that
particular app. The consumer clearly sees what kind of information
will be shared and can decide which accounts to share with that
app.
- Using token-based security in the secure API, Chase shares only
the type of information the app or institution needs, such as
balances, transactions or the last four digits of an account number
and only from the accounts specified by the customer.
- The app or institution uses the data to help the customer make
smart decisions about their money.
- Using AccountSafeSM on the Chase Mobile app and chase.com, the
customer sees which apps or institutions are now linked to their
accounts. The customer can cancel access for each app or
institution at any time.
“Data aggregation through an API rather than screen scraping can
not only enhance security for apps that access consumers' bank
account data but also can be used to give consumers critical
control over access to that data and a simple mechanism to turn it
off," said Lauren Saunders, Associate Director, National Consumer
Law Center.
About Chase
Chase is the U.S. consumer and commercial banking business of
JPMorgan Chase & Co. (NYSE: JPM), a leading global financial
services firm with assets of $2.8 trillion and operations
worldwide. Chase serves nearly half of America’s households with a
broad range of financial services, including personal banking,
credit cards, mortgages, auto financing, investment advice, small
business loans and payment processing. Customers can choose how and
where they want to bank: Nearly 5,000 branches in 32 states and the
District of Columbia, 16,000 ATMs, mobile, online and by phone. For
more information, go to chase.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20191205005462/en/
Media Contact: Pablo Rodriguez, 212-270-8313,
pablo.rodriguez@jpmorgan.com Tom Kelly, 312-732-7007,
thomas.a.kelly@chase.com
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