JP Morgan Chase and Intuit will team together using a new API to link customer's accounts together. Before the Open Financial Exchange API, banks did not allow this kind of connection between bank and software due to security concerns like hackers intercepting the communications. This new API "utilizes tokenization technology" which allows Intuit to sync Chase account without needing username and password of the Chase account.
Part of the parternership between JP Morgan Chase and Intuit they introduced five core attributes (verbatim from BusinessWire):
- 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 parties.