What is a Data Aggregator? Axway experts answer #openbanking questions. #shorts
Data aggregators have emerged as a method for banks to share customer data with third parties such as fintechs. They've created a trusted network of participants and eliminated custom partner connections. Some aggregators use a common standard API, some use screen-scraping, and some use a little of both. The benefits to their banking customers include: - improved financial decision making (the banks have access to a centralized view of a customer's finances) - expanded payment choices for the customers (it's easier for banks to provide different modes of payment) and - better borrowing; alternate modes of accessing loans, Buy Now, Pay Later (BNPL) is a great example of this. Read the blog for more details: https://blog.axway.com/industry-insights/banking-finance/baas-embedded-finance-open-banking?utm_source=youtube&utm_medium=social&utm_campaign=api_marketplace_banking_gc&utm_content=glossary_videos Visit @AxwaySoftware for more!
