Chase partners Intuit for faster, more secure data-sharing

Friday 27 January 2017 10:33 CET | News

Chase and Intuit have teamed up to develop a software that will let Chase customers directly send their data to Mint for budgeting and financial tracking purposes.

As part of the development, Intuit does not have to hold onto that persons name and password through third-party software, which is how it had often been structured. Intuit also agreed to never to sell Chase customer data, according to USA Today.

This move comes after JPMorgan Chase has settled its longstanding dispute with Intuit, which owns Mint, in a blueprint that could allow other big banks to end their disagreements with financial data companies. The deal had no financial component.

Mint, as well as other popular personal finance websites pull customers financial data from all their various banks, brokerages and credit card companies to create a complete picture of a persons financial life.

Still, the way these services worked had several flaws. The companies would store, either directly or through a third party, the bank customers login information, exposing crucial personal information to identity thieves or other criminals. The data also would be gathered by actively logging into a banks online service, which put a strain on the banks servers.

The data the companies would gather would happen whether or not the customer was actively using the service, so a Mint account someone had not touched in months could still be actively gathering data on that Chase customer.

A Chase spokeswoman said it plans to roll out the upgrade in the coming months, the online publication continued. The upgrade will go first to existing Chase customers who are signing up for Mint for the first time, followed by existing Mint customers.

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Keywords: Chase, Intuit, data sharing, online banking, mobile banking, security, KYC, software, US
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
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