Account aggregation


Account aggregation

Account aggregation is a method that involves compiling information from different accounts, which may include bank accounts, credit card accounts, investment accounts, and other consumer or business accounts, into a single place. This may include a database or may be provided through "screen scraping" where a user provides the requisite account-access information for an automated system to gather and compile the information into a single page. Usually this database resides in a web-based application or in client-side software. While such services are primarily designed to aggregate financial information, they sometimes also display other things such as the contents of e-mail boxes and news headlines.

One of the first major account aggregation services was Citibank's My Accounts service, though this service ended in late 2005 without explanation from Citibank. Much has been said in the financial services and banking industry as to the benefits of account aggregation - principally the customer and web site loyalty it might generate for providers - but the lack of responsibility and commitment by the providers is one reason for skepticism about committing to those same providers. The service helps users to manage their money on the Internet (typical desktop alternatives include Microsoft Money, Intuit Quicken etc) in an easy to use manner wherein they get functionalities like single password, one-click access to current account data, total net worth and expense analysis etc. Multiple U.S. financial institutions and credit unions are providing the service, however most of the time a vendor, such as CashEdge or Yodlee, is the technology solutions provider.

Account aggregation has evolved with single sign-on at most major banks such as Bank of America. With SSO (usually implemented via SAML) major financial institutions are now expanding their aggregation services into new areas. Rich Presentment (getting all the information about a bill that you owe) is a service that uses Aggregation extensively, and can be seen at AOL, using AOL Bill Pay. Aggregation also powers applications such as Funds Transfer, New Account Openings, Card Based Bill Pay and so on.

Independent Financial Advisors are another group that account aggregators are beginning to focus their attention. Having seen increasing competition from the wirehouses and breakaway brokers, positioning themselves as their client's primary advisor is not as easy as it once was. Account Aggregation should be able to help many of these advisors gain the competitive edge by providing a look into their clients held-away, and non-managed accounts. Aggregators such as ByAllAccounts and CashEdge specialize in working with the advisor industry and provide historical, transaction level data that is normalized and reconciliation ready.

ee also

* Password manager


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Account Aggregation — A process by which accounts are linked for the purpose of combining fees or to ease access for account holders. One form of account aggregation is householding, whereby all the savings, checking and brokerage accounts of a household are linked.… …   Investment dictionary

  • account aggregation — /ə kaυnt ægreˌgeɪʃ(ə)n/ noun a service for online banking customers, which allows them to group various accounts, including credit card accounts, together …   Dictionary of banking and finance

  • Unit of account — A unit of account is a standard monetary unit of measurement of value/cost of goods, services, or assets. It is one of three well known functions of money. It lends meaning to profits, losses, liability, or assets. The accounting monetary unit of …   Wikipedia

  • EWise — is an Australian company which started operations in the year 2000. eWise provide two principal services, online payments, and account aggregation. The payment service is very different from US based PayPal, as no pre registration is required and …   Wikipedia

  • CashEdge — CashEdge, headquartered in New York, NY, is a company that provides account aggregation, funds transfer, online account opening and other online financial services. CashEdge currently serves more than 600 leading financial institutions including… …   Wikipedia

  • Online banking — Part of a series on Electronic commerce Online goods and services Streaming media Electronic books Softwar …   Wikipedia

  • Mint.com — Type Subsidiary of Intuit Industry Personal finance, Software Founded 2006 …   Wikipedia

  • First Tech Credit Union — infobox header1= header2=First Tech Credit Union label1=Company Type data1=Credit Union label2=Founded data2=January 14,1952 label3=Headquarters data3=Beaverton, Oregon, USA label4=Membership data4=Pacific NW tech industry, Oregon State Employees …   Wikipedia

  • Comparison of accounting software — The following comparison of accounting software documents the various features and differences between different professional accounting software and personal finance packages. Contents 1 Free and open source software 2 Proprietary software 3… …   Wikipedia

  • Yodlee — Yodlee, headquartered in Redwood City, CA, is a company that provides account aggregation and other online financial services. Yodlee allows users to see their credit card, bank, investment, email, travel reward accounts, etc. on one screen.… …   Wikipedia


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.