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An API that allows accessing customers' banking activity

Get the precious information that used to be held under the lock and key. Our data can be used for powerful credit scoring, online KYC and just anything you can imagine.

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Financial Data Aggregation

Data is at the heart of every business decision you make. Modern accounting software has made internal decisions easy by making private company data accessible at the touch of a button. But when customers are involved, data can be a little harder to access. Financial data aggregation software provides you with access to information that has, historically speaking, been kept under lock and key. Today, aggregation has streamlined accessing client data the same way accounting software has streamlined internal processes. Financial industries have been plagued with regulatory requirements and a slow adoption process. Aggregation has leveled the playing field and allowed smaller companies to compete with the industry leaders. Early on, this was the competitive edge that allowed some companies to access information that was once monopolized by banks. Today, it’s a system of communication that is facilitating the growth of open banking.

What is a Financial Aggregator?

In aggregation, the ultimate goal is to take information from many sources and combine it into a single, easy to use the database. With all of the information grouped into a single source, data processes of all types can be more easily facilitated. You get a comprehensive overview of data that provides at-a-glance solutions to problems that can be difficult to solve without the right information. For example, imagine that your business requires your clients to provide their first and last name, as well as information pertaining to their financial health. With an aggregator, you can pull this data directly from your client’s financial institution. Going directly to the source can expedite the application process and verify customer-supplied data at the same time.

The API: The Heart of an Aggregator

API stands for Application Program Interface. In essence, it’s a connection from one program to another. Kontomatiks API connects to over 120 different banks and has successfully performed nearly 7,000,000 data imports. Our financial data aggregation API takes data supplied by financial institutions and presents it to you in a cohesive format that is easy to integrate into your existing platform. APIs aren’t the only way to access financial data. If you were to look through a list of data aggregation companies, you’ll find a few that use a proprietary system in place of an API. But there are a few key advantages to using an API. This means that regular banking customers won’t experience a slowdown due to heavy load, and scraped data has a higher level of accuracy. As long as it appears in your customer's online banking platform, it can be accessed through an API. The FS-ISAC has proposed a standardized API to access data from online banking platforms. If implemented, this could drastically improve the compatibility of aggregation companies. For now, platforms need to leverage their relationship with banks to develop systems that offer a high level of compatibility.

Key Features

Financial aggregator sites do more than just take data from one place and deposit it in another. They also assist with categorizing the data. Transaction information can be broken down by certain qualities, such as whether it’s an incoming or outgoing transaction or the dollar amount. After aggregation, financial data can be treated and analyzed. This allows you to filter the information to find the specific information you need. This reduces information overload by presenting decision makers with only the relevant information they need to make effective choices.

Accessible Data

What kind of information can our aggregator access? Kontomatik connects directly to the clients bank to access three core types of information. In many industries, the first thing to pull will be the know your customer data. This includes their name, birth date, and ID numbers. In many cases, service providers are legally required to collect and verify this data. Accessing it from an external source is helpful in preventing fraud. It also eliminates issues arising from user error when personal information is mistyped. Historical financial data can be pulled from the transaction list. If authorized, our API can pull an itemized list of all incoming and outgoing transactions. This can be used to verify client supplied information or can be analyzed to assess a client’s financial health. If you need to understand a client's financial position at a specific point in time, balance data can assist with this. But understanding which accounts your client holds and the balances in each, processing payments and authorizing transactions can be completed instantaneously.

How Financial Data Aggregation Software can Streamline Business Processes

Whether you’re a landlord looking for a new tenant or a loan company determining a potential client's suitability, collecting data from your customer is an essential part of the application process. There are many systems in place to verify the data supplied by your customer. Credit checks, for example, can verify a customer’s payment history. But all of these existing systems have a few inherent flaws. There can be delays when relying on 3rd party data, which can cause delays. The best financial aggregators can make these problems a thing of the past. You won’t have to rely on a 3rd party to provide accurate data, nor will you need to wait for approval. You’ll get instant access to the raw data that you need to make effective decisions. Additionally, you’ll be able to automate business processes that would otherwise require human analysis.

Simple Integration Process

When you make the decision to unlock your businesses potential with a modern aggregation API, the first step is to integrate the system into your existing platform. Kontomatik has been designed from the ground up to be simple to integrate. Our service API runs on your local company network, and directly queries banks to acquire data. User data is collected through an HTML5 widget that can be integrated into any website. For your own internal processes, data can be provided in XML format. In layman’s terms: Kontomatik uses common protocols to offer unparalleled compatibility. The setup process is as simple as can be and doesn’t require heavy modification to your existing internal systems.

Who Needs a Financial Aggregator?

Any business that deals with customers financial data can benefit from aggregation. This technology is being employed in a variety of budding industries, but there are three main sectors that utilize it the most.

Online Lending Companies

In order to determine a customer's eligibility for a loan, lenders need to understand their applicant's financial position. The classic application form requires clients to supply their monthly expenses, income, and personal identification information. Once armed with the best financial data aggregator, the typical loan application process can be made much simpler. Prospective clients simply need to fill out a single form, and all of their relevant data can be verified and transmitted to the loan provider for instant approval. This speedy application process has helped online lenders remain competitive in a tough market, and in many cases has become the standard.

Financial Service Providers

Changes to global banking platforms can have economy-wide implications. This means that every change needs to be carefully thought out to ensure that stakeholders have a chance to adapt. Thanks to the PSD2 (Revised Payment Services Directive) 2018 is shaping up to be a year of changes for banks. If implemented, the PSD2 enables consumers to use third-party service providers to manage their finances. This means that banks need to enable lines of communication between themselves and future service providers. While many banks have yet to implement these systems, adopting an existing API is significantly more cost effective than building a new one from the ground up. Many banks are choosing to become compliant with upcoming regulations now, saving time and money in the future.

Fintech Startups

Fintech is a competitive marketplace. Not only do companies need to come up with a unique idea, but they need to ensure that they bring their product to market as quickly as possible. Implementing an existing API cuts development costs and expands compatibility. Account aggregation vendors allow them to focus on building a great product, while they facilitate communication with existing financial service providers.

Security

Working with client financial data requires security to be the highest priority. By working with an external aggregator, a large part of the security obligation can be offloaded from your company onto the service provider. Aggregation work with both banks and their clients to ensure that their software is fully compliant with all regulations. Ongoing steps are taken to address any security concerns, and the platform can be updated passively. This allows you to get the data you need without the added stress of keeping your clients secure.

Maintaining a Level Playing Field

The financial services industry is changing. Banks no longer have a monopoly on their client’s data. By implementing an aggregation software, your clients can take control of their data and work with external service providers for their financial service needs. Service providers can create more practical financial products and integrate them in an elegant manner, providing an unprecedented improvement to the user experience. From application to utilization, financial data aggregation is changing the way that we do business. Today, it can give your company a competitive edge. Tomorrow, this technology may be the industry standard.