Finovate. It allows third-party aggregators to request financial information via APIs from banks that use Fiserv's core, and helps financial institutions reduce screen scraping by fintechs. that the product expands the market for data aggregators and makes it easier for consumers to share their financial data.
It could reduce FIs' costs of developing data-sharing APIs, but the catch is further dependence on a vendor. AllData Connect could help small FIs shed their dependence on screen scraping and better secure their customers' data, but the product may not be as flexible as advertised. Even if the APIs enable FI access to fintechs, Fiserv still controls the ecosystem that depends on its core product. The API platform requires a Fiserv core and is maintained by Fiserv. Developers' API solutions are all verified by Fiserv, and ultimately, Fiserv controls which fintechs get access, customer authentication, and data sharing.
By offering API marketplaces, core providers are scrambling to catch up with fintechs and the open finance movement. The large core providers' aggregation products have faced competition from fintechs for years. Now, fintechs like Plaid, MX, and Yodlee serve as intermediaries between FIs and other fintech services.
Smaller FIs need to choose who they will depend on for API services and fintech integrations. The open finance ideal of a universal technical standard and broad consumer rights to financial data is difficult to come by in an environment where technical standards
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