US fintech firm Fiserv has unveiled a new aggregation solution, enabling secure third-party access to consumer financial account data.
Dubbed AllData Connect, the new offering simplifies third-party aggregation activity by offering one point of access.
Go deeper with GlobalData
How it works
The solution works by pushing consumers to a Fiserv-hosted portal for identity verification and data-sharing permission.
After validation of credentials, the solution provides the data to third party apps for a specific transaction or app.
This is said to do away with the requirement of third parties to acquire consumer data through screen scraping of the financial institution website.
Benefits
A key advantage of the solution is that it eliminates the requirement of accountholders to shared usernames and passwords with multiple third parties.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIt also lowers unidentified bulk traffic to a bank or credit union website that can affect the performance of the site adversely.
Moreover, financial institutions utilsing the solution will be able to opt into receiving reporting on aggregation activity.
This is said to offer insights that can used to detect upsell or cross-sell opportunities.
“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.”
Developments at Fiserv
Last year, Fiserv acquired payment processor First Data for $22bn.
In March 2020, Fiserv snapped up MerchantPro Express, which offers processing services, POS equipment and merchant cash advances to US businesses.
Earlier this year, Fiserv launched a new POS device called Clover Station Pro for quick-service and full-service restaurants.
