Last month we joined our technology partner Fiserv on the virtual main stage at API World to discuss how financial data aggregation works, its benefits, and real-world use cases. Here’s a summary of what we shared with a focus on payments:
Why It Matters – Consumers Want Enhanced Experiences
• Over 50% of consumers agree a personalized financial dashboard will save them time, be time well spent and make them feel confident in achieving their financial goals.
• More than 1 in 4 consumers want you to recognize patterns over time and provide relevant recommendations based on those patterns.
• 26% of consumers value sophisticated suspicious activity monitoring possible through an aggregated dashboard of their finances.
• 66% of consumers are interested in aggregated statements to track spending across multiple accounts.
What Is Financial Data Aggregation?
Financial data aggregation enables financial technology companies to empower their users to give permission-based access to data related to checking accounts, savings accounts, investment accounts, credit card accounts, and more to provide optimized financial products and solutions.
How Does Data Aggregation Work?
Aggregation is the process and methods by which data from multiple sources are collected, standardized and made available through a common interface. Here’s how the process works:
Aggregation in Action – Faster Payments
VoPay wanted to enhance existing EFT / ACH payments by verifying:
• Contact information for KYC and fraud prevention purposes
• Funds before initiating EFT/ACH transfers
• That a transaction occurred
VoPay’s Intelligent EFT / ACH (iQ11) payment service offers:
• North American wide bank and credit union coverage
• Quick and reliable data access for optimal user experience
• Full white-labeling capabilities for a flexible design
• Consistent data security and integrity