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Data Aggregators: The Connective Tissue for Open Banking

Author

Listed:
  • Julian Alcazar
  • Fumiko Hayashi

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.

Suggested Citation

  • Julian Alcazar & Fumiko Hayashi, 2022. "Data Aggregators: The Connective Tissue for Open Banking," Payments System Research Briefing, Federal Reserve Bank of Kansas City, issue August 24, pages 1-6, August.
    • Handle: RePEc:fip:fedkpb:94776
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    File URL: https://www.kansascityfed.org/Payments%20Systems%20Research%20Briefings/documents/9012/PaymentsSystemResearchBriefing22AlcazarHayashi0824.pdf
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    More about this item

    Keywords

    Payments; Financial institutions;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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