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JP Morgan vows to ban fintech apps from using customer passwords

January 3, 2020

Bill Wallace, Chase’s head of digital, told the Financial Times the lender was working towards getting customers’ passwords “out of the system” and instead issuing tokens that send third parties a narrow range of data in a secure form.

Aggregator Yodlee recently became the first company to agree to use tokens for 100% of its interactions with Chase while Goldman Sachs-backed aggregator, Plaid, has signed up to start using tokens to access data on behalf of the many budgeting, personal finance and other apps which use Plaid to connect to customers.

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