Partnerships / Acquisitions

Wells Fargo Reaches Data Exchange Deal With Intuit

Taking a page from JPMorgan Chase, Wells Fargo has inked a data exchange deal with Intuit in which Intuit customers can import their account data without having to provide their username and password.

According to a report, Wells Fargo is using a secure API that communicates between the servers of the two so that Intuit customers don’t have to share their Wells Fargo information to get their data uploaded into Intuit programs, including QuickBooks, Mint and TurboTax. Sharing of the customer data was a big sticking point between banks and FinTechs that want users to be able to include their banking account information. Banks had argued that, if the logins and passwords were shared with third parties, user security could be at risk.

“We’re pleased to join with Wells Fargo to provide our shared customers with greater access and control of their financial information,” Tayloe Stansbury, CTO at Intuit, said in the report.

At the end of January, JPMorgan & Chase Co. announced a partnership with Intuit in a deal that will allow Chase customers to easily load their account data into the Mint, TurboTax Online and QuickBooks Online financial management applications. These uploads can now all be done without turning over banks’ usernames or passwords. 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.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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