Financial Account Aggregation

Financial account aggregation is the process of collecting and consolidating financial information from multiple bank accounts, credit cards, loans, and investments into a single unified view. Aggregation providers like Plaid, Tink, and TrueLayer connect to thousands of banks via APIs, allowing fintech applications to access user financial data with consent.

Most major banks worldwide now support account aggregation through Open Banking APIs or aggregator connections. In Europe, all PSD2-regulated banks must provide API access. In the US, major banks like Chase, Bank of America, Wells Fargo, and Citi are supported by aggregators like Plaid and MX. Coverage varies by region and aggregator.

You can check bank support by: 1) Using the search directory on this page to find your bank, 2) Checking your specific aggregator's bank coverage (e.g., Plaid, Tink), or 3) Looking for 'Open Banking' or 'Connect accounts' features in fintech apps you use. Most banks in regulated markets (EU, UK, Australia) are required to support aggregation.

Yes, modern account aggregation is highly secure. Regulated aggregators use bank-grade encryption, Strong Customer Authentication (SCA), and operate under strict regulations like PSD2 in Europe. Users authenticate directly with their bank, and aggregators cannot access login credentials. All data access requires explicit user consent that can be revoked anytime.

AIS (Account Information Service) allows reading account data like balances and transactions—used for budgeting apps and credit scoring. PIS (Payment Initiation Service) allows initiating payments from a user's bank account—used for Pay by Bank checkout. Both require user consent and are regulated under PSD2 in Europe.