Data aggregation and analytics platform Envestnet | Yodlee announced that it has signed a data sharing agreement with JPMorgan Chase.
Envestnet | Yodlee has already partnered with more than 1,200 financial institutions and FinTech innovators, including most of the top 20 U.S. banks. This partnership will help millions of Chase customers better manage their spending, budgeting, savings and investments by allowing them to connect to and send their financial information to the more than 1,200 third-party applications on the Envestnet | Yodlee platform. As a result, consumers can share their information without the need to store their usernames or passwords on the platform.
“Our partnership with Chase will allow further consumer choice, reliability and insight into how and where their data is being used, along with improved overall financial wellbeing,” Stuart DePina, CEO of Envestnet | Yodlee, said in an emailed press release. “As we move toward API-based connectivity in the United States, relationships like the one we have with Chase are laying the groundwork for this reality by giving consumers greater connectivity across their financial accounts, all accomplished through these types of secure and protected channels.”
“This will help our customers manage exactly who they give their information to, and understand how their information will be used,” added Bill Wallace, head of Digital at Chase, the U.S. consumer and community banking business of JPMorgan Chase. “They also can cancel that access anytime they want.”
JPMorgan Chase signed a similar deal last year with Plaid, a FinTech that connects banks with financial technology applications.
“This represents a major evolution in the way Chase thinks about working with FinTech,” Plaid Inc. CEO Zach Perret said at the time. “This agreement is a really big step forward from one of the largest banks in the country saying FinTech is a really good thing for the consumer and they want to support it.”