Opportunities in Account Aggregation

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Web account aggregation allows consumers to consolidate their information, including banking, billing and even frequent traveler mileage statements, in single sites. Aggregation promises to simplify the lives of consumers by enabling them to check their accounts and eventually perform transactions across different platforms, all in one place. However, this development challenges the relationships traditionally existing between financial institutions and other service providers, and their customers. Moreover, there are risks to consumers in aggregating confidential information, such as the risk of security breach and identity theft. This article discusses the pros-and-cons of account aggregation and identifies the regulatory challenges presented by this new technology. The article, co-authored by Andrea Lee Negroni and Patricia Mugavero, first appeared in Mortgage Banking in December 2001.

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