Facebook is weighing partnerships with U.S. banks to offer services on Messenger.
The social media giant has approached JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp in the past year about sharing customers’ financial data, the Wall Street Journal reported, citing sources close to the situation.
Data would reportedly include things like users’ card transactions and checking account balances.
However, Facebook has since denied that it’s interested in obtaining consumers’ financial data. Instead, it hopes enhance its payment and commerce features within Messenger.
Since the report was published, Facebook had already been criticized for the rumored bank partnerships, in large part due to its poor track record of protecting user data.
Facebook has approached JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp about sharing customers’ financial data, like card transactions and checking account balances
‘A recent Wall Street Journal story implies incorrectly that we are actively asking financial services companies for financial transaction data – this is not true,’ Facebook spokeswoman Elisabeth Diana told TechCrunch.
‘Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management.
‘Account linking enables people to receive real-time updates in Facebook Messenger where people can keep track of their transaction data like account balances, receipts and shipping updates.
‘We’re not using this information beyond enabling these types of experiences – not for advertising or anything else,’ she added.
Diana noted that keeping people’s information ‘safe and secure’ is a key part of these partnerships and that users can opt-in for the service.
Facebook appears to be acknowledging that it’s working with banks on chat bot capabilities, not necessarily in the capacity that the Journal report suggested.
Since its massive privacy row earlier this year, Facebook has been trying to prove it can safeguard users’ data, despite its well-known practices of sharing their information with third parties and advertisers.
One large US bank dropped off from further talks due to privacy concerns, the Journal noted.
Facebook continues to grapple with the fallout from the Cambridge Analytica scandal.
In March, it was revealed that 87 million users’ data was scraped without their knowledge and shared with Trump-affiliated research firm Cambridge Analytica.
The firm is currently being investigated by several government agencies over its handling of user data.

By obtaining information from banks, Facebook would be able to establish features that enable users to check their account balances in Messenger, as well as receive fraud alerts about their account within the app.
Many banks worry about assuring user privacy, despite wanting to reach customers on more digital platforms.
They also face rising competition from peer-to-peer platforms like Venmo, PayPal and Zelle.
JPMorgan spokeswoman Trish Wexler told the Journal that it’s not ‘sharing our customers’ off-platform transaction data with these platforms, and have had to say no to some things as a result.’


Facebook maintains that it wouldn’t use customer data for ad targeting or make it available to third parties.
It maintains that such partnerships would help drive additional engagement and time spent on the Messenger app.
‘We don’t use purchase data from banks or credit card companies for ads,’ Diana told the Journal.
‘We also don’t have special relationships, partnerships or contracts with banks or credit card companies to use their customers’ purchase data for ads.’
Instead, it would offer customer service features for popular banks through the Messenger app.

Facebook has been trying to beef up the number of services offered via Messenger beyond messaging. Last year, it reached a deal with PayPal to let users send money in the app
The firm has been trying to beef up the number of services offered via Messenger beyond messaging.
Last year, Facebook landed a deal with PayPal that lets users send money via Messenger.
Google and Amazon may have also asked banks to share data to provide banking services on applications like Google Assistant and Alexa, according to the Journal.
Earlier this year, biometric software company Daon said it had developed a skill that lets users send money using Alexa.
The feature could arrive on the internet giant’s voice-activated speakers and devices in the next nine to 18 months.