JP Morgan Chase has signed a data-sharing agreement with Envestnet | Yodlee to give its bank customers access to 1,200 third-party applications on Yodlee’s financial data aggregation platform.
The idea is that by giving them access to these financial applications, they’ll be able to better manage spending, budgeting, savings and investments—and improve their financial wellness.
“This agreement enables Chase customers to use these popular financial applications supported by Envestnet | Yodlee to make better financial decisions while benefitting from even stronger security, along with improved data connectivity and reliability,” Envestnet said in a statement.
The is Envestnet | Yodlee’s second major data-sharing agreement made in the past six months; the first was with Citi.
The latest deal creates a direct and secure connection to Chase’s API (application program interface), without having their usernames and passwords stored on the Yodlee platform.
In late October, Envestnet | Yodlee announced new intelligent APIs and an enhanced developer experience through which to access them, which were meant to help in the creation of “hyper-personalized financial wellness solutions,” according to a company statement.