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.
File format is application/pdf
Description: Full text
Provider: Federal Reserve Bank of Kansas City
Part of Series: Payments System Research Briefing
Publication Date: 2022-08-24
Issue: August 24, 2022