JP Morgan has signed a data agreement with FinTech company Plaid
The partnership will give customers control over how their personal data is accessed and used
Plaid will access customer information through the bank’s secure API (application programming interface) connection, allowing customers to share their information more safely and quickly with Plaid and the financial apps it supports while protecting their bank username and password
“This will give our customers more control and visibility into where and how their data is being used,” said Bill Wallace, head of Digital at Chase, the U.S. consumer and commercial banking business of JPMorgan Chase. “This is another key step in our effort to create a safer aggregation environment”
“We’re focused on building an ecosystem that will enable fintech progress for decades to come. That means providing consumers with choice, convenience and a safe way to access their financial data. This agreement represents an important step in that journey,” said Zach Perret, CEO of Plaid.