Agreement reflects a new standard, helping protect customers who
choose to share bank data with financial management applications
NEW YORK & MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Jan. 25, 2017--
JPMorgan Chase (NYSE:JPM) and Intuit Inc. (Nasdaq: INTU) have signed an
agreement to give customers greater control of their financial
information to help them make better financial decisions, the companies
announced today. This agreement sets the bar for how banks and
technology companies can work together to serve their shared customers.
The companies will use technology that will allow customers to authorize
Chase to electronically share financial data securely with Intuit’s
financial management applications, such as Mint, TurboTax Online and
Both Chase and Intuit continue to pursue similar agreements with other
industry players seeking to give customers more control of their
financial information while enhancing security.
Chase and Intuit will use a business-to-business, data-sharing
connection called an application-programming interface (API) to download
the information quickly and safely. It uses a token to authorize Intuit
to download the requested account information on behalf of the customer
without requiring customers to give Intuit their Chase user name and
“The most important part of this is giving control to the customer,”
said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “Customers will
get to decide what they want to share and when they want to share it –
without having to hand over their password.”
“We’re pleased to deliver a great experience for our shared consumer and
small-business customers,” said Brad Smith, Intuit’s Chairman and CEO.
“Intuit products, such as Mint, TurboTax Online and QuickBooks Online,
provide tens of millions of people with a complete picture of their
finances, so that they can make informed decisions for themselves or
The Chase-Intuit agreement embodies five core attributes:
Security: Customers will give explicit consent to share their
data with Intuit. Once authorized, Chase will provide a secure token
to Intuit to access customer data.
Convenience: Chase customers will see their banking information
safely populated into the Intuit applications quickly.
Customer control: Customers will give explicit consent for
Intuit applications to use specific account information, and will be
able to turn on and off access for Intuit applications.
Privacy: Chase and Intuit will strive to maintain industry best
practices for data privacy and security.
No data reselling: Consistent with its Data
Stewardship Principles, Intuit won’t sell customer data to third
Routing the data traffic through the secure API will provide information
directly to the Intuit applications while freeing up server capacity on
Chase’s website. That will improve the experience on both sites for the
companies’ joint customers.
This new agreement aligns closely with the Center
for Financial Services Innovation’s “Consumer Data Sharing Principles,”
released in October 2016. These principles create a roadmap for secure
collaboration between the financial services and technology industries
to help consumers manage their financial lives and improve financial
As part of ongoing enhancements, the companies will introduce Open
Authentication, and will exchange data through the Open Financial
Exchange (OFX) 2.2 API. The functionality will be delivered in phases,
starting with new Mint users.
“In partnership with Intuit, we’re launching a fast, simple and secure
method for customers to selectively share their data,” said Gordon
Smith, CEO of Consumer & Community Banking at Chase. “We encourage all
financial institutions, aggregators and application service providers to
join us in helping consumers and businesses use technology tools to
understand their financial lives, identify new needs and make better
decisions about their money.
“We will continue to pursue technology and industry advancements that
place consumers and businesses at the center, allowing them to control
who has access to their financial information in a way that prioritizes
ease of use and transparency for all,” he said.
Chase is the U.S. consumer and commercial banking business of JPMorgan
Chase & Co. (NYSE: JPM), a leading global financial services firm with
assets of $2.5 trillion and operations worldwide. Chase serves nearly
half of America’s households with a broad range of financial services,
including personal banking, credit cards, mortgages, auto financing,
investment advice, small business loans and payment processing.
Customers can choose how and where they want to bank: 5,300 branches,
16,000 ATMs, mobile, online and by phone. For more information, go to Chase.com.
. creates business and financial management solutions that
simplify the business of life for small businesses, consumers and
Its flagship products and services include QuickBooks® and TurboTax®,
which make it easier to manage small
businesses and tax
preparation and filing. Mint provides
a fresh, easy and intelligent way for people to manage their money,
while Intuit's ProConnect brand
portfolio includes ProConnect
Tax Online, ProSeries®
the company's leading tax preparation offerings for professional
Founded in 1983, Intuit had revenue of $4.7 billion in its fiscal year
2016. The company has approximately 7,900 employees with major offices
in the United
Kingdom, India, Australia
and other locations. More information can be found at www.intuit.com.
View source version on businesswire.com:
Source: JPMorgan Chase and Intuit Inc.
Trish Wexler, 212-270-5883
Steve Sharpe, 650-224-2362