Fiserv introduces AllData Connect for managing external account aggregation
By Pavithra R
Fiserv, a leading global provider of financial services technology solutions, has announced the launch of a new aggregation solution AllData Connect, that enables Financial institutions (FIs) to meet the growing demands from consumers to access their account information when and where they choose.
AllData Aggregation from Fiserv is a flexible, highly secure service that delivers actionable consumer data from over 20 million daily imported transactions. AllData Connect provides a single point of access for third-party aggregation activity, simplifying the complexities for banks and credit unions (CUs) 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. Many of the third-party applications that consumers use rely on consumer-permissioned access o aggregate financial account information creating challenges for banks and CUs which have limited control over the timing or volume of data requests by third parties, and the security protocols used to protect this information. AllData Connect, which is built on decades of Fiserv aggregation experience, facilitates secure and transparent account aggregation processes for Fiserv client FIs.
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 modelled after the Durable Data API format sanctioned by the Financial Data Exchange (FDX), AllData Connect delivers data to third-party applications for a specific application or transaction thereby eliminating the need for third parties to acquire consumer data via screen scraping of the financial institution website.
AllData Connect delivers key benefits to FIs and account holders, including:
- Confirmation and capture of the consumer’s consent to share their data
- Managed access to online banking by external third parties, including what data is being obtained
- Prevent accountholder usernames and passwords from being shared with and stored by third parties
- Gain insights into where consumer data is being used
“Consumers want to share their financial data with third parties in a model that’s both secure and convenient. 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,” said Paul Diegelman, vice president of Digital Payments and Data Aggregation at Fiserv.
Established since 1984, Fiserv is a global provider of payment and financial services technology. The FinTech aspires to move money and information in a way that moves the world. The FinTech is a member of the S&P 500 Index and the FORTUNE 500 and is among FORTUNE World’s Most Admired Companies.