Wells Fargo said Monday (Nov. 6) that it had forged agreements with two firms to help reconfigure the data exchange models that exist to share customer information with third-party services.
As noted in a press release, Wells Fargo has partnered with PointServ and Expensify, which operate in the mortgage and business expense reporting spaces, respectively.
PointServ has solutions in place that help to streamline the processing of applications for stakeholders in the mortgage arena, with information gleaned from source documents and an API in place to deliver statements and bank account activity.
The agreement with Expensify will help Wells Fargo credit card holders use Expensify to document and report monthly business expenses. APIs are used for secure data collection.
In the news announcement, Brett Pitts, head of digital for Wells Fargo, said that “We’re extremely pleased to announce these agreements, which broaden the use of secure data exchange methods into our customers’ financial lives.”
The financial management services giant said that traditional practices, such as screen scraping, can cause frustration for users, given multiple login and password encounters. “When a service connects to a bank server and encounters a new or unexpected element or change on a financial institution’s site, it can cause the data collection to fail,” the company stated. “By using APIs, the data sharing process becomes less brittle and more reliable, resulting in less frustration for customers.”