Intuit Signs New Data-Exchange Agreement With Wells Fargo
February 03 2017 - 7:32AM
Business Wire
Agreement enhances access and control over the
data customers choose to share with several popular financial
management tools
Wells Fargo & Company (NYSE: WFC) announced today it had
entered into an agreement with Intuit Inc. (Nasdaq: INTU), which
allows Wells Fargo customers who use financial management tools
such as QuickBooks Online, Mint, and TurboTax Online to use an
innovative application-programming interface (API) when importing
their bank account information.
“We’re excited to work with Intuit on transforming the
data-sharing process,” said Brett Pitts, Head of Digital for Wells
Fargo Virtual Channels. “This agreement creates a much better
experience for our shared customers, gives them greater control
over their financial data, and enhances the efficiency of the
data-sharing process.”
The API at the center of this new data-sharing method is
designed to be modular and flexible. This allows the API to deliver
everything from data sharing and retrieval to specialized use cases
and microservices.
“The APIs that we have created for the purposes of sharing data
with firms such as Intuit are truly unique to the industry,” Pitts
underscored. “These new tools are designed to be flexible and
adaptable, while meeting the needs of the customer, the bank, and
the providers of financial management tools.”
“This agreement builds on Intuit’s track record of innovating to
ensure that consumers and small businesses benefit from access to
data so that they can take control of their financial lives,” said
Tayloe Stansbury, executive vice president and Chief Technology
Officer of Intuit. “We’re pleased to join with Wells Fargo to
provide our shared customers with greater access and control of
their financial information.”
The API used in the Wells Fargo-Intuit agreement has been
designed to utilize a secure, tokenized “handshake” between the
companies’ servers. The API eliminates the need for Intuit
customers who use QuickBooks Online, Mint and TurboTax Online to
share their Wells Fargo usernames and passwords, and the need for
Intuit to store them in order to retrieve Wells Fargo account
data.
“The customer has more choice and control with this new model,”
said Pitts. “Customers choose what account information they want to
share with Intuit, and, through the API, the customer’s credentials
are not used to initiate the data sharing.”
The enrollment process is easy and is designed to work
seamlessly in the Intuit user experience:
- When Intuit customers are logged in to
Mint, QuickBooks Online or TurboTax Online and wish to set up or
add a Wells Fargo account, they will be directed to a Wells Fargo
secure server to begin the enrollment process.
- After the customer logs directly into
Wells Fargo online banking, they’re presented with a “Connect
Accounts” page, where they authorize the data they wish Wells Fargo
to share with Intuit. This gives customers control of the data they
want to share.
- After confirming the account
information, the customer is then directed back to the Intuit
service they’re logged in to. Data sharing between Wells Fargo’s
servers and Intuit’s servers is then done via a unique token that
identifies the customer and the customer’s accounts.
Direct bank feeds are a fundamental component of financial
management software and cloud accounting because they automate much
of the time-consuming data entry once associated with bookkeeping.
By automatically transferring data between their bank and their
financial management platform, customers save valuable time and
avoid potential data-entry errors. Direct bank feeds deliver three
key benefits:
- Accuracy and Reliability:
Financial data is delivered directly from a financial institution
to the management platform. This helps ensure that information is
current.
- Customer Control of Data:
Customers can access their personal and business information at any
time, with their tool of choice.
- Time Savings: The need for
manual data entry is dramatically reduced because new transactions
are automatically imported into the financial management platform
every time a customer logs in. Customers can add and reconcile
expenses at the click of a button.
Intuit will access Wells Fargo’s data exchange API on Wells
Fargo’s Gateway Channel developer portal, and work to integrate it
into the Intuit user experience for Wells Fargo customers by the
second half of the year. Wells Fargo’s new Gateway Channel,
launched in September of 2016, offers APIs that allow commercial
and corporate banking customers to integrate Wells Fargo products,
services and information into their own digital environments.
About Intuit
Intuit Inc. creates business and financial management solutions
that simplify the business of life for small businesses, consumers
and accounting professionals.
Its flagship products and services
include QuickBooks® and TurboTax®, which make it
easier to manage small businesses and tax preparation and
filing. Mint provides a fresh, easy and intelligent way
for people to manage their money, while Intuit's
ProConnect brand portfolio includes ProConnect Tax
Online, ProSeries® and Lacerte®, the company's leading
tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.7 billion in its
fiscal year 2016. The company has approximately 7,900 employees
with major offices in the United States, Canada,
the United Kingdom, India, Australia and other
locations. More information can be found
at www.intuit.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Founded in 1852 and headquartered in San Francisco, Wells
Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through more than 8,600 locations,
13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and
has offices in 42 countries and territories to support customers
who conduct business in the global economy. With approximately
269,000 team members, Wells Fargo serves one in three households in
the United States. Wells Fargo & Company was ranked No. 27 on
Fortune’s 2016 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and
help them succeed financially. News, insights and perspectives from
Wells Fargo are also available at Wells Fargo Stories.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170203005316/en/
Wells Fargo MediaJason Menke,
515-418-8824Jason.d.menke@wellsfargo.com@JasonMenkeWForIntuit
MediaSteve Sharpe,
650-224-2362stephen_sharpe@intuit.com@sharpe_stever
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