Hear the word “token” and what do you think? Round, brassy coin (maybe a hole in the center) that can be used to ride the trolley or subway. Well, the good news is, those still exist, but today Mint announced a new kind of token. We’re teaming up with Chase to use token-based technology, authorizing Mint and other Intuit companies, QuickBooks and TurboTax, to access and download financial information on behalf of the bank’s customers.
This new technology will be rolled out in coming months, beginning with people who are new to Mint. Behind-the-scenes, Mint and Chase will be using an application-programming interface, aka API or token – perhaps you’ve seen a billboard about one of these along the highway – to download a customers’ financial information quickly and safely. It’s easy – Chase customers will initially authorize their data with Mint by inputting their banking credentials directly into the Chase website via a pop-up window in Mint.
Overall, Chase customers will experience greater control, along with more streamlined mobile and online responses to requests for their personal financial information. Customers identify exactly what banking information financial technology companies such as Mint and others can use, with the ability to turn that access on or off at any given time.
“This new agreement with Chase provides Mint with the ability to deliver a great experience for our shared customers,” said Al Ko, general manager of Mint. “As new technologies emerge, we will continue to integrate advanced capabilities and features that allow the millions using Mint to control who has access to their financial information in a way that prioritizes ease of use and transparency.
“As always, we’re committed to providing people with a complete picture of their finances so they can make better decisions about their money. The secure exchange of personal financial information is central to achieving this goal,” said Ko.
So, don’t throw away those tokens yet, but be on the lookout for new ways we’re working behind-the-scenes to improve your overall experience in Mint.
Kimmie Greene is a consumer money expert at Intuit and Mint spokeswoman. Her contributions to the Mint Life Blog focus on business updates, as well as personal finance insights and tips. Follow her on Twitter @KBGreene.