Feb 3 Wells Fargo & Co reached an
agreement with Intuit Inc to allow the bank's customers
who use financial management applications such as Mint, TurboTax
and QuickBooks to choose the information they share while
importing bank account details.
Intuit's Mint, TurboTax and QuickBooks are personal finance
tools which allow individuals to calculate taxes and pay bills
using their smartphones.
An application programming interface (API), built by Wells
Fargo, will be used for importing bank account information
between the two companies' servers, lowering cyber security
API is a programming code that specifies how software
components should interact.
The arrangement is a step toward allowing individuals to use
their mobile phones to track their day-to-day financial
activities, which experts believe could help individuals save
Wells Fargo is one of the biggest U.S. banks and Intuit
offers some of the most widely used personal finance tools.
The move follows a similar data-sharing agreement between
Intuit and J.P. Morgan Chase & Co last week.
(Reporting by Nikhil Subba in Bengaluru; Editing by Shounak