What exactly are they doing? Using open standards, they have designed a way to get the data that third parties need without sharing bank customer usernames and passwords. This new process will eliminate cumbersome user interfaces for detailed account access information and will put more choice and control into the hands of consumers. ![]() This week, JPMorgan Chase and Intuit announced that they’ve agreed to a different model, one that not only vastly improves the privacy and security of relationships between banks and third-party financial tools, but also improves how these kinds of apps work. ![]() It could not only give someone you don’t know the power to see sensitive details about your life, but also allow them to change that data by making transfers or deleting or altering – even inadvertently – sensitive records. ![]() ![]() Even if you trust the entity you’re sharing with, sharing your credentials is usually a very bad idea, especially for important and sensitive accounts such as finance or health accounts. If you use a money-management app like Intuit’s or tax software like Turbo Tax, you may be familiar with the unfortunate practice of giving them your bank login credentials so that they can “scrape” data about your financial transactions and present them to you as budgets, tax filings, graphs, and many other useful tools to keep your finances in order.
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