JPMorgan Signs Deal with Plaid for Customer Data Sharing Control

J.P. Morgan signed an agreement with Plaid, a technology company that connects bank accounts with fintech apps, that will give its customers better control over their personal data. Plaid will access J.P. Morgan's customer data through a secure application programming interface or API, allowing customers to easily share their financial information safely. Banks, including J.P. Morgan, have pushed back against so-called screen scraping, another way for fintech apps to access customer data that generally is viewed as less secure. The agreement facilitates a feature that allows Chase customers to see which applications are using their data, customers can then decide whether they want to share the data with external apps.