Finance Breaking news Fiserv adds data sharing to account aggregation offering last financial news

Breaking-Finance.Com - 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, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions.

Finance Breaking news Fiserv adds data sharing to account aggregation offering last financial news

Breaking-Finance.Com - 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, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions.

Finance Breaking news Fiserv adds data sharing to account aggregation offering last financial news
03 September 2020 - 15:30

Breaking-Finance.Com - 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.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.“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.

. 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.“Consumers want to share their financial data with third parties in a model that’s both secure and convenient,” said Paul Diegelman, vice president of Digital Payments and Data Aggregation at Fiserv. “This process can be difficult for financial institutions to support if screen scraping impairs online banking performance, or when login credentials are stored at unaffiliated third parties. AllData Connect gives financial institutions the ability and insight they need to confidently empower consumers to share their financial account information.”AllData Connect delivers key benefits to financial institutions and accountholders, including:• Confirmation and capture of the consumer’s consent to share their data• Managed access to online banking, including what data is being accessed by third parties• Safeguarding of accountholder usernames and passwords, which no longer have to be shared with and stored by multiple third parties• Insights into where consumer data is being usedFinancial institutions using AllData Connect can opt into receiving reporting on aggregation activity to draw valuable insights that can be used to identify upsell or cross-sell opportunities. In addition, AllData Connect reduces unidentified bulk traffic to a bank or credit union’s website that can hinder site performance.AllData Connect is the newest data aggregation offering within the AllData product suite from Fiserv, which includes AllData® Aggregation for data integration via APIs, AllData® PFM for planning and financial management and AllData Advisor® for wealth management.

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Finance Breaking news Fiserv adds data sharing to account aggregation offering last financial news


Finance Breaking news Fiserv adds data sharing to account aggregation offering last financial news


Finance Breaking news Fiserv adds data sharing to account aggregation offering last financial news


Finance Breaking news Fiserv adds data sharing to account aggregation offering last financial news

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