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JPMorgan Chase, Envestnet l Yodlee partner to boost data security

JPMorgan Chase & Co.JPMorgan Chase has entered into an agreement with California-based data aggregator Envestnet | Yodlee to help protect customers’ financial data. The agreement will give Chase customers more visibility and control as they use financial apps.

“This will help our customers manage exactly who they give their information to, and understand how their information will be used,” said Bill Wallace, head of Digital at Chase, the U.S. consumer and community banking business of JPMorgan Chase, adding that “they also can cancel that access anytime they want.”

With the customer’s permission, Envestnet | Yodlee shares their data with other financial apps and financial institutions to help the customer make smart money decisions more easily. With this agreement, Envestnet | Yodlee is committing to send all of its requests for Chase customer data through the bank’s secure API, which will ensure the apps can receive Chase customer data they need while customers control what’s shared with whom.

“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 well-being,” said Stuart DePina, CEO of Envestnet | Yodlee. “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.”

As the secure API uses a token-based approach, customers will no longer need to give out their confidential credentials. In the AccountSafe dashboard available in the Chase Mobile app and on chase.com, customers can see every financial app that is retrieving their data through the secure API — including Envestnet | Yodlee-powered apps in the future. They can see all linked accounts and which information they are sharing, with whom, from which accounts. They can also see which of their own devices accessed their accounts and when.

“In the future, we will require all these requests for our customers’ information to come through the secure API,” Wallace said. “Our customers deserve that protection and control.”

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