JPMorgan Chase has vowed to ban fintech apps from using customer passwords to access their bank accounts, forcing tougher security standards some three years after chief executive Jamie Dimon first warned about the dangers of data-sharing.
Bill Wallace, Chase’s head of digital, told the Financial Times the lender was working towards getting customers’ passwords “out of the system” and instead issuing tokens that send third parties a narrow range of data in a secure form.
Aggregator Yodlee (which sponsors FintechUK.com events) recently became the first company to agree to use tokens for 100 per cent of its interactions with Chase while Goldman Sachs-backed aggregator Plaid has signed up to start using tokens to access data on behalf of the many budgeting, personal finance and other apps which use Plaid to connect to customers.
Source: https://www.ft.com/content/93dcfc52-210b-11ea-b8a1-584213ee7b2b
Posted by Peter Oakes (www.peteroakes.com)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com www.us-fintech.com
Bill Wallace, Chase’s head of digital, told the Financial Times the lender was working towards getting customers’ passwords “out of the system” and instead issuing tokens that send third parties a narrow range of data in a secure form.
Aggregator Yodlee (which sponsors FintechUK.com events) recently became the first company to agree to use tokens for 100 per cent of its interactions with Chase while Goldman Sachs-backed aggregator Plaid has signed up to start using tokens to access data on behalf of the many budgeting, personal finance and other apps which use Plaid to connect to customers.
Source: https://www.ft.com/content/93dcfc52-210b-11ea-b8a1-584213ee7b2b
Posted by Peter Oakes (www.peteroakes.com)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com www.us-fintech.com