Partnerships / Acquisitions

JPMC And Intuit Partner For Customer Convenience

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.

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

Click to comment

TRENDING RIGHT NOW