If you use Award Wallet to check your frequent flyer account balances, you give them the username and password for your accounts and with a single click they check your accounts for you (and you can log in with a single click as well).
Award Wallet and other services are going to have to change the way they interact with Chase, and the information they’re able to get may be limited. J.P. Morgan Chase says they are going to ban third party platforms from accessing accounts using customer passwords. In its place they will offer a ‘token-based system’ so that websites and apps can access customer Chase accounts with permissions and see “a narrow range of data in a secure form.”
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The good news is that Chase isn’t taking the Delta Air Lines and Southwest Airlines approach, simply trying to shut down third party sites that provide useful services to their customers. Instead Chase’s Head of Digital Bill Wallace suggests that the move to tokens “should neither deter customers from trying new platforms, nor prevent apps from providing services to them.”
In other words they see a security risk in the current approach and want to improve security, not eliminate innovation or make it harder for customers to get the services they want if they bank with Chase. Yodlee, apparently, is already using a tokenized system with Chase.