Fiserv announced the release of its AllData Connect solution today. The technology provides a single, authorized portal to facilitate third party access to consumer financial account data. AllData Connect makes third-party data aggregation simpler and makes screen scraping unnecessary.
“Consumers want to share their financial data with third parties in a model that’s both secure and convenient,” VP of Digital Payments and Data Aggregation at Fiserv Paul Diegelman said. “This process can be difficult for financial institutions to support if screen scraping impairs online banking performance, or when login credentials are stored at unaffiliated third parties. AllData Connect gives financial institutions the ability and insight they need to confidently empower consumers to share their financial account information.”
AllData Connect works by sending consumers to a Fiserv-hosted portal to verify their identity and provide consent for data-sharing. Once the consumer is validated by Fiserv and information access granted, AllData Connect delivers the permissioned data to third party apps for the specific activity. The solution provides confirmation and capture of consumer’s consent to share their data, managed access to online banking, secure storage of account holder usernames and passwords, and insights into where consumer information is being used. AllData Connect can also help FIs reduce the volume of unidentified bulk traffic that can inhibit website performance.
The new offering is the latest data aggregation solution within Fiserv’s AllData product suite. The suite also includes solutions for data integration by API, planning and financial management, and wealth management: AllData Aggregation, AllData PFM, and AllData Advisor, respectively.