Data Aggregators: The Connective Tissue for Open Banking

Julian Alcazar and Fumiko Hayashi

Payments System Research Briefing, 2022, issue August 24, 2022, 6

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 (search for similar items in EconPapers)
JEL-codes: E42 G21 (search for similar items in EconPapers)
Date: 2022
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