Facebook to Banks: Give Us Your Data, We’ll Give You Our Users

Facebook has asked large U.S. banks to share detailed financial information about customers as it seeks to boost user engagement

The social-media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as part of an effort to offer new services to users.

Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan Chase JPM 0.37% & Co., Wells Fargo & Co., Citigroup Inc. C 0.01% and U.S. Bancorp USB 0.70% to discuss potential offerings it could host for bank customers on Facebook Messenger, people familiar with the matter said.

Facebook has talked about a feature that would show its users their checking-account balances, the people said. It has also pitched fraud alerts, some of the people said.

A partnership with American Express Co. AXP 1.04% allows Facebook users to contact the card company’s representatives. Last year, Facebook struck a deal with PayPal that allows users of that payment service to send money through Messenger. And Mastercard Inc. MA 0.54% cardholders can place online orders with certain merchants through Messenger using the card company’s Masterpass digital wallet. (A Mastercard spokesman said Facebook doesn’t see the card users’ information.)

https://www.wsj.com/articles/facebook-to-banks-give-us-your-data-well-give-you-our-users-1533564049?redirect=amp#click=https://t.co/7hcs86NHiC