Welcome » IT Booklets » E-Banking » Introduction » E-Banking Support Services » Account Aggregation
Account aggregation is a service that gathers information from
many websites, presents that information to the customer in a
consolidated format, and, in some cases, may allow the customer to
initiate activity on the aggregated accounts. The information
gathered or aggregated can range from publicly available
information to personal account information (e.g., credit card,
brokerage, and banking data). Aggregation services can improve
customer convenience by avoiding multiple log-ins and providing
access to tools that help customers analyze and manage their
various account portfolios. Some aggregators use the
customer-provided user IDs and passwords to sign in as the
customer. Once the customer's account is accessed, the aggregator
copies the personal account information from the website for
representation on the aggregator's site (i.e., "screen scraping").
Other aggregators use direct data-feed arrangements with website
operators or other firms to obtain the customer's information.
Generally, direct data feeds are thought to provide greater legal
protection to the aggregator than does screen scraping.
Financial institutions are involved in account aggregation both
as aggregators and as aggregation targets. Risk management issues
examiners should consider when reviewing aggregation services
Additional information regarding management of risks in
aggregation services can be found in appendix D.