Managing Money From 1 Platform: Account Aggregation 101

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To cater the financial needs of current consumers and businesses, it is difficult to find a platform that offers supreme services based on modernity and consistency. One of the major remedies to this difficulty is financial aggregation. In order to avail this facility, you need to asses viable solutions appropriate for your business or personal use. The below elements are important to consider when making that selection.

Financial aggregation services allow a user who has different types of accounts, (for example credit cards, brokerage accounts, and bank accounts at more than one financial institution) to monitor all their financial transactions at a single application or website. These aggregation services are offered by independent companies and financial institutions alike. You just have to create a personal profile and permit the service provider to aggregate your account information.

Money management through this process becomes significantly easier because individuals and small business have varying needs, including online orders (business to business transactions as well as business to customer transactions), bill payments, fund transfers, among many other needs. Financial or account aggregation, in this way, offers great support and convenience to users.

However, there are many misconceptions found regarding this trend. The most frequently observed is the sense of insecurity regarding privacy or online security since all the accounts of a customer are tracked in one place. In fact, the accounts are protected by the basic institution by which it is maintained (bank level security is used).

Furthermore, aggregating accounts takes time to become operational, as it needs to carry out a verification process. Therefore minimal wait times are general operating procedures in this regard. Your passwords should be synchronized at the time you sign up for an aggregated profile. Wrong entry of passwords may delay your process as well.

3RDVista is a financial technology company creating the latest account aggregation software to successfully assist in finance professionals and consumers alike gaining a complete financial picture of bank, credit card, and investment account data. This technology automates day-to-day operations on your behalf, allowing your focus on revenue, income, and strategy.

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