Data Aggregators: The Connective Tissue for Open Banking

Abstract: Open banking, which allows third-party financial apps to access consumer financial data electronically and securely, relies on data aggregators to establish connections with consumers’ financial institutions and extract consumer data. Data aggregators are critical to enhancing consumer financial services and increasing competition—both among financial service providers and across payment methods. However, their role raises some concerns related to data security, data privacy, and competition.

Keywords: Payments; Financial institutions;

JEL Classification: E42; G21;

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Bibliographic Information

Provider: Federal Reserve Bank of Kansas City

Part of Series: Payments System Research Briefing

Publication Date: 2022-08-24

Issue: August 24, 2022

Pages: 6