Thursday, February 15, 2018
"Creating a standard API for secure data sharing benefits everyone in the data aggregation ecosystem," said Eric Guerrino, Chief Operations Officer at the FS-ISAC. "We want to ensure that everyone from the consumer to the financial institution and the data aggregators can share information safely, quickly and accurately."
With the API, financial institutions and fintech firms are able to shift aggregation traffic away from consumer login pages to a more efficient and light-weight secure format, which requires less infrastructure to support and eliminates the risk of storing credentials, according to the FS-ISAC. And through tokenization, financial institutions can share information with account aggregators more securely.
As consumer data enters different financial institutions, the need to log into different accounts to manage loans, deposits, investments or even make bill payments has become burdensome to users.
"The API gives consumers a more seamless and secure experience enabling greater awareness, control and peace of mind over financial data," Guerrino said, noting that once a financial services firm adopts the API, consumers can access their own information securely using a simple three-step process:
FS-ISAC offers two ways to access the Durable Data API and the Control Considerations for Consumer Financial Account Aggregation Services Whitepaper, version 2.0. FS-ISAC member financial institutions can access the specifications and supporting materials through the secure FS-ISAC member portal. Non-member firms and fintech companies interested in receiving the materials can contact the FS-ISAC directly at firstname.lastname@example.org.
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