Bank of America says it is working with multiple financial data aggregators to provide customers with the ability to connect data from their accounts to third-party financial management applications.
The US bank is following in the footsteps of Chase, Wells Fargo and Capital One, each of which has enabled data exchange deals with the likes of Intuit, Xero and Finicty.
“We value customer choice and want customers to securely access their information when and where they want,” says Michelle Moore, head of digital banking at Bank of America. “For customers who use data aggregation services, we are making it more transparent and simpler for them to see who they’re sharing data with and to turn it off when they want.”
The bank bills the effort as a key plank in its API strategy, in which data will be shared using a unique token that removes usernames and passwords from circulation.
Moore says Bank of America is currently piloting the service with two data aggregators. Enhancements to security settings in mobile and online banking that will allow customers to see which companies have their permission to access their information and turn off sharing will be available later this autumn, she adds.