Going forward, BoA has announced it will be working with financial data aggregators to give their customers a greater ability to connect their banking information with third-party financial management applications. According to spokesperson Michelle Moore, the move comes as part of the bank’s API strategy that will see banking data utilizing a unique token that takes things like usernames out of circulation.
Bank of America is treading familiar ground for an big bank – Chase, Capital One and Wells Fargo have all made similar integrations with the likes of Intuit, Xero and Finicity.
“We value customer choice and want customers to securely access their information when and where they want,” says Moore, head of digital banking at Bank of America. “For customers who use data aggregation services, we are making it more transparent and simpler for them to see who they’re sharing data with and to turn it off when they want.”
BoA is reportedly piloting the service with two data aggregators – with customer access to enhanced security and the ability to customer turn sharing on and off available later this autumn.