Facebook is denying reports that it is trying to negotiate with banking institutions for access to the financial data of its users so they can add new services to their Messenger platform.
In an official statement, Facebook said, "Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management. The idea is that messaging with a bank can be better than waiting on hold over the phone — and it's completely opt-in."
The Wall Street Journal is reporting that Facebook would use the data for potential features including fraud alerts and the ability to check balances within the app.
The Journal also reported that concerns over data privacy have been a sticking point for banks in their discussions with the social media giant.