Fidelity Investments has launched Fidelity Access, a secure data sharing solution based on open technology standards.
The platform will also allow clients to view their Fidelity account information on third-party financial websites and applications.
The platform will eliminate need for clients to share their Fidelity log-in credentials such as usernames and passwords with third-party financial websites and applications.
Instead, when they uses a third party site or app to access their Fidelity account information, they will be automatically linked to Fidelity and they can then authorise Fidelity to provide that site or app with access to their Fidelity account information.
The newly launched data sharing solution will allow clients to view, change or remove account data sharing permissions at any time, the company said.
Fidelity said that it will send notification to clients when third-party financial sites and applications begin to use Fidelity Access.
Third-party firms that want to connect to Fidelity Access must adhere to strict security standards and destroy any user IDs and passwords previously acquired from Fidelity clients, the company added.
Fidelity noted that it will not charge participating financial websites and applications for using Fidelity Access.
Once Fidelity completes the roll-out of Fidelity Access in 2018, third-party financial websites and apps will no longer be allowed to use Fidelity account usernames and passwords to access information from Fidelity accounts.
Fidelity Investments head of data aggregation Stuart Rubinstein said: “We see great and growing opportunities for everyone to benefit from innovation enabled by secure data sharing solutions, such as Fidelity Access, which are based on open technology standards. Today, there are a range of financial websites and applications that investors and financial advisers use, which aggregate data from clients’ various financial accounts, wherever they are held.
“We want to make sharing Fidelity account data with these sites and applications convenient and more secure, while giving our clients control over that process. Fidelity Access does just that—there’s no longer any need for clients to share their Fidelity account usernames and passwords with third-party financial sites and applications, and clients can quickly and easily review and manage which sites and applications have access. With major data breaches exposing more and more people to ever greater risk, and the demand for data sharing solutions poised to accelerate, the time is right for Fidelity Access.”