Facebook Stock

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 +0.24% & Co., Wells Fargo WFC +0.60% & Co., Citigroup Inc. C +0.96% and U.S. Bancorp USB +0.62% to discuss potential offerings it could host for bank customers on Facebook Messenger, said people familiar with the matter.

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. 

Data privacy is a sticking point in the banks’ conversations with Facebook, according to people familiar with the matter. The talks are taking place as Facebook faces several investigations over its ties to political analytics firm Cambridge Analytica, which accessed data on as many as 87 million Facebook users without their consent.

One large U.S. bank pulled away from talks due to privacy concerns, some of the people said.

Read more at Wall Street Journal: 

https://www.wsj.com/articles/facebook-to-banks-give-us-your-data-well-give-you-our-users-1533564049?mod=hp_major_pos16  

 

 

 

 

 

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