JPMorgan Chase: More Tokens, Fewer Passwords, Better Security

JPMorgan Chase: More Tokens, Fewer Passwords, Better Security
Photo by Markus Spiske temporausch.com from Pexels

According to reporting in the Financial Times, JPMorgan Chase is the latest financial institution to pledge a pivot toward tokenization to make it easier and safer for customers to access third party financial solutions. Tokenization enables FIs to securely send only the limited amount of data necessary to complete transactions, and limits the exposure of customer passwords and other sensitive information. The article, by Laura Noonan, highlights a pair of companies – Envestnet |Yodlee and Plaid – and their agreements to use tokenization in their interactions with Chase and other major FIs.

“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,” Envestnet | Yodlee CEO Stuart DePina said when his company’s deal was announced last December. “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.”

The move also represents Chase’s most recent strike against screen scraping, with the FI has long opposed out of concerns that the practice was exploitative of customer data. Noonan’s article notes JPMorgan CEO Jamie Dimon who decried the way “many third parties sell or trade information in a way customers may not understand, and the third parties, quite often, are doing it for their own economic benefit – not for the customer’s” in a shareholder letter in 2016.

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If you are a Finovate alum, please send us your news and announcements by Friday noon, Pacific Time, in order to be featured in our weekly Alumni in the News roundup.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Plaid Adds Credit Card Details to Liabilities Offering

Plaid Adds Credit Card Details to Liabilities Offering

Fintech developer tools expert Plaid announced today it enhanced Liabilities, a product it launched in July to offer developers access to information about how much money a consumer owes.

Upon launch, Liabilities was limited to offering insight into consumers’ student loan balances. Today the tool has added support to show consumers’ credit card details. While Plaid has always offered information about consumer credit card transactions, today’s update broadens the information available by returning details about payment terms, APR type, APR percentage, interest charge amount, minimum payment, last payment date and amount, due dates, and more.

User experience of credit card connection from the end consumer’s perspective

This new launch will allow developers create tools that help borrowers gain a clear picture of their financial obligations, consolidate debt, and pay down their credit card balance faster.

The credit card data tool is now available in Plaid’s sandbox, development, and production environments. The company will add more debt categories in the future to give developers more options to help their users manage and overcome their debt.

At FinDEVr San Fransisco 2014, the company’s founder, Zach Perret gave a presentation about leveraging the Plaid API for financial infrastructure. Plaid has raised $310 million since it was founded in 2013. After the company’s most recent investment last year, TechCrunch estimated Plaid to be valued at $2.65 billion.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.