MADISON, Wisc. (July 17, 2017) – Michael Best client Finicity, a leading provider of real-time financial data aggregation and insights, successfully completed an innovative consumer data sharing agreement with JPMorgan Chase that would increase the security and quality of bank customer’s private information that would be shared through a permissioned direct application programming interface (API).
The Michael Best team, led by Privacy & Data Security Practice Group Chair Adrienne Ehrhardt, provided lead legal counsel for Finicity in the negotiation of this agreement that creates a formal secure process that will allow customers to access and share their financial information at Chase with third parties.
The agreement is based on two goals:
- To protect the security and privacy of consumer’s sensitive financial information and decisions
- Deliver reliable and quality data
“The significance of this deal is enormous,” Ehrhardt explained. “Finicity is the only company of its kind to have struck an agreement of this scale and they’re leading the charge in getting this done quickly and efficiently. The sheer complexity of the fintech industry and how highly regulated it is, demonstrates the forward thinking focus they bring to the table.”
This is the second deal that Ehrhardt has negotiated with the data aggregator and a top five bank in the US this year alone, the first being with Wells Fargo in April.
The Michael Best team that represents Finicity consists of partners Adrienne Ehrhardt and Brad Jacobsen.
To learn more about Finicity data services, visit www.finicity.com.