Financial aggregator – bigmedium

Instead of logging into your various financial accounts individually Try account aggregation, a program which consolidates the information of many financial accounts into a single location. This feature is available in personal finance programs like Quicken or other online financial tools and websites.

Benefits to Seeing All Accounts in One Place

Incorporating all your brokerage, credit card or checking account and savings, loans and other accounts even if they’re in several financial institutions, in one place can allow you to manage your finances quickly and efficiently. For instance knowing the amount on your account for checking and simultaneously seeing that you’re due to pay a charge on your credit card or loan payment due , means that you can account for the payment without a charge to your account. Comparing all your accounts is convenient, particularly when you have the latest transaction information available in your reach.

For the purpose of aggregate or clustering of account information, the applications offer automatic downloads of transactions in addition to the capability to display the information for multiple account types on one display that is often referred to as”your “dashboard.”

The advantage of aggregating accounts is that you do not have to sign into multiple accounts to get an overview of your financials. All you need is to open the same software and sign up to one site or use one application to access all the financial account details. You will see a summary of all your balances the transactions you’ve made, as well as other data all in one location.

How to Set Up Account Aggregation

In order to set up account aggregation, you’ll first must establish an online banking relationship with the institutions that manage your accounts. After that, you’ll be able to sign up each of your accounts with an aggregation system. This is accomplished through an initial setup process that you can specify the location the location where each account’s financial information is kept, as well as the username , account number along with the account’s password. This gives the aggregator access to see the account information.


If you log in to your program using your username and password, the program utilizes the aggregation feature for secure presentation of login data and passwords to each of the banks that manage your accounts. Your account data is later downloaded, or “scraped,” and presented to you in one location.


Security and Safety

After you have provided your login credentials that are secure to the program the system automatically collects the data in the same manner as had you logged in yourself.


Account aggregation service only gives the software access to any balances on your account and the transactions but not perform transactions. If you would like to access your account or transfer it, you’ll need login to each account’s web page.

In addition, the software makes use of a range of sophisticated security features. For instance, if log on to an unidentified device or computer an additional authentication might be required.

Also read:  Account aggregator rbi

However, you must be cautious when submitting your financial information to a third-party even if it has excellent security certifications. Finra is the financial regulatory authority cautions consumers of the dangers of revealing personal or financial information to financial aggregators. Finra also warns users to read the privacy policies and terms for any company they utilize.


Yet, many people who play an active part in their finances turn to accounts that aggregate for convenience, user-friendliness and security features. These accounts can help you save time without adding more stress when it comes to managing your money.

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