JPMorgan & Chase Co. has announced a partnership with Intuit in a deal that will allow Chase customers to easily load their account data into Mint, TurboTax Online and QuickBooks Online financial management applications. These uploads can now all be done without turning over banks’ usernames or passwords.
Last fall, the Center for Financial Services Innovation announced a group of data-sharing principles for the industry. Chase and Intuit noted in their dual announcement of the deal that it “aligns closely” with those ideas. The deal also seems to settle something of an ongoing dispute between the two firms over how exactly customers are allowed to use their account information without facing a risk of it being exposed to cybercriminals or others looking to fraudulently access their account.
The new deal will see Chase customers get an option to explicitly consent to sharing data with Intuit, and the bank will provide Intuit with a unique data token to limit useful access to the data.
Analysts have noted that the pair-up is yet another step forward in the broader goal of giving consumers the option of managing all day-to-day financial transactions from the palm of their hand.
Both companies have said they will each pursue similar agreements with others in the industry.