Published: Mon, August 06, 2018
Economy | By

Facebook wants banks to share your personal finances

Facebook wants banks to share your personal finances

While banks are keen to be more innovative and offer customers ways to transact on their phones, in this instance they were too concerned about Facebook's ability to keep sensitive customer data private.

Elisabeth Diana, a Facebook spokeswoman, told Ars that while the WSJ reported that Facebook has "asked" banks "to share detailed financial information about their customers, including card transactions and checking-account balances", this isn't quite right.

Facebook is now discussing partnership ideas with firms like Citigroup Inc., Wells Fargo, and JPMorgan Chase, but the Cambridge Analytica incident has reportedly caused at least "one large US bank" to pull out of the talks. Facebook launched peer-to-peer payments in Messenger back in 2015 and has been adding payments options ever since, including integration with PayPal. The sticking point for banks, unsurprisingly, is data privacy. According to the Journal, at least one large USA bank pulled away from talks with the company as a result of privacy concerns.

'We don't use purchase data from banks or credit card companies for ads'.

FBN's Stuart Varney, Ashley Webster and Liz MacDonald on reports Facebook is asking banks for financial information about their customers.

"Facebook has talked about a feature that would show its users their checking-account balances, the people said".

"Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management", she said in a statement on behalf of the social media giant.

It's not clear if Facebook's attempts to obtain user financial data will be successful or not, but we'll likely find out in the coming months. "An essential part of these efforts is keeping people's information safe and secure". (JPM), Wells Fargo & Co.

Facebook did not respond to FOX Business' request for comment at the time of publication.

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