“We do think the emergence of these bilateral partnerships is a good first step towards a more secure and reliable data sharing environment,” said Beth Brockland, managing director at the Center for Financial Services Innovation in Chicago. On the other, one-off deals are viewed as not being conducive to the creation of a larger ecosystem of data portability. On one hand, partnerships are viewed as a positive for customers and their data. JPMorgan’s method has drawn some mixed reaction from observers. Instead, he said it is using open API standards with published specs that are easily consumable by partners. Specifically, it’s using the OAuth 2.0 standard for token-based authentication and authorization on the internet.Īlthough Pitts did not share the specific API standard Wells is using with Intuit, the bank is not using the Open Financial Exchange 2.2 API standard JPMorgan is using. Wells Fargo, which has assets of $1.9 trillion, is using open standards to share data, said Brett Pitts, head of digital for Wells Fargo Virtual Channels.
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