Jpmorgan Chase Signs Data Sharing Agreement With Envestnet Yodlee


Chase`s data exchange API is adapted to the Financial Data Exchange standard. Chase and Envestnet | Yodlee is a board member of the Financial Data Exchange, a nonprofit that is committed to unifying the financial industry around a common, interoperable, free standard for safer and more convenient access to their financial data for consumers and businesses. JPMorgan Chase has signed a data-sharing agreement with Envestnet Yodlee, which allows banking customers to retrieve their account information through a direct pipeline in applications backed by the data aggregator and asset management platform provider. Prior to this deal, JPMorgan Chase shared customer data with other financial applications and businesses to help Chase`s customers make better decisions about how they should manage their money. READ: What bad stock has in common with bitter relationships New York-based JPMorgan Chase is ranked by S&P Global as the largest bank in the U.S. and the sixth-largest bank in the world in terms of total assets with a total balance sheet of $2.6 trillion. It`s Envestnet| Yodlee`s second major data exchange agreement in the last six months; The first was with Citi. What`s happening: As a result of this agreement, millions of Chase customers can provide their financial information to more than 1200 third-party apps on the | Yodlee platform. These bilateral agreements ensure that there is a minimum standard of customer protection, which is absolutely fantastic for the industry. Oauth authentication uses tokens instead of password data to prove identity between consumers and service providers….