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 Pageonce or Yodlee, is the technology solutions provider. While outside of the U.S. client-side account aggregation, provided by technology solutions provider eWise, has been adopted by financial institutions like Citibank and First Direct (owned by HSBC) in the UK, and Westpac in Australia. Another relevant account aggregation server-side service provider in Europe is Eurobits Technologies, whose aggregation technology is being used by banks such as BBVA or Bankia, as well as by a growing number of independent web and mobile-based third-party PFMs (personal finance managers) providers, such as Fintonic or Mooverang (Euroconsumers)

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