JP Morgan Chase partners with Envestnet Yodlee giving customers more visibility on their data
JP Morgan Chase has made an agreement with data aggregator and analytics platform Envestnet Yodlee to give its customers “more visibility and control” when using their financial apps.
The partnership will see the data platform commit to sending 100% of its requests for Chase customer data through the bank’s “secure API”.
Because the API uses a token-based approach, customers no longer need to give their usernames and passwords, which the bank calls “confidential credentials that should always be treated with the utmost care”.
The Chase mobile banking app and online portal will now both show customers “every financial app that is retrieving their data” through the API.
“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,” says Envestnet Yodlee CEO Stuart DePina.
This deal follows a trail of similar partnerships JP Morgan has established with fintechs and data aggregators such as credit decisioning company Finicity and financial software provider Intuit, the maker of TurboTax, QuickBooks and Mint.