Facebook asks JP Morgan, Citibank, Chase to share customer details


It says that it is seeking integration with banks to enhance its payment and commerce initiatives within Messenger - which already launched in March as a pilot program with Citibank in Singapore. To do the same with major banks, Facebook has been trying to convince them that the conversations will be secure and customers' personal data won't be used in advertising.

A Wall Street Journal report earlier Monday said the talks with banks are ongoing, sending shares up as much as 4 per cent. Earlier this year, Facebook executives were forced to apologize after the personal data of as many as 87 million people ended up in the hands of a United Kingdom political consultancy.

"We don't use purchase data from banks or credit card companies for ads", Facebook spokeswoman Elisabeth Diana said in a statement. President David Marcus to run its Messenger platform.

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Facebook's pushback comes as it's still reeling from the Cambridge Analytica privacy scandal.

A JPMorgan spokeswoman told the broadsheet that the bank isn't "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result".

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. You might rightly question why the behemoth that is Facebook should grow to encompass any more personal information about anyone, let alone information as sensitive as bank accounts. But they told PCMag they're quite aware of the privacy concerns, and wouldn't want to jeopardize the security of customers' financial data.

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But according to the Journal, financial institutions are reluctant to partner with the social network over privacy concerns. For now at least, users have to opt-in to link it to their bank account - a partnership with banks might link users directly to their banks (no word on whether Messenger users would need to opt-in to the service). The information would be used to offer new services to Facebook account holders. The San Francisco-based bank will introduce a chatbot within its own mobile app later this year, O'Byrne said.

Citigroup declined to comment regarding any possible discussions with Facebook about Messenger. "We also don't have special relationships, partnerships, or contracts with banks or credit card companies to use their customers' purchase data for ads".

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