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Financial Institutions Can Empower Consumers to Securely Share Their Data with New Aggregation Solution from Fiserv

Financial Institutions Can Empower Consumers to Securely Share Their Data with New Aggregation Solution from Fiserv

Financial institutions can meet growing demand from consumers to access their account information when and where they choose with a new aggregation solution from Fiserv, a leading global provider of payments and financial services technology solutions. AllData® Connect provides a single point of access for third-party aggregation activity, simplifying the complexities of an expanding aggregation market for banks and credit unions and streamlining consumers’ ability to share their data.

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Aggregation is a process through which information from multiple sources is collected and presented in a single location. Consumers are increasingly using a wide range of third-party applications to meet their financial needs, many of which rely on consumer-permissioned access in order to aggregate financial account information. This can create challenges for banks and credit unions, which currently have limited control over the timing or volume of data requests by third parties, or the security protocols used to protect this information.

Built on decades of Fiserv aggregation experience, AllData Connect facilitates secure and transparent account aggregation processes for Fiserv client financial institutions.

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“Connected banking, where consumers bring selected third-party apps into their banking environment, presents a relationship acquisition strategy and an opportunity for banks and credit unions to strengthen loyalties with their existing customers,” said Sarah Grotta, director, Debit and Alternative Products Advisory Service at Mercator Advisory Group. “To make this a reality, data accuracy, privacy and security are requirements demanded by both financial institutions and consumers. The approach taken by data aggregation solutions like AllData Connect is how open banking will be achieved in the U.S.”

AllData Connect enables consumer data consent by directing consumers to a Fiserv-hosted portal where they validate their identity and provide consent to share their data. Fiserv validates their credentials and keeps their information secure within its firewall. Using industry-standard file formats modeled after the Durable Data API format sanctioned by the Financial Data Exchange (FDX), AllData Connect then delivers data to third-party applications for a specific application or transaction. This eliminates the need for third parties to acquire consumer data via screen scraping of the financial institution website.

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