Strong Authentication And API Issues A Perfect Storm For Account Aggregators

Fintech firms that aggregate customers’ account data are complaining that banks’ preparations for new EU-level security rules are “damaging” their businesses.

Account information service providers (AISPs) have traditionally relied on credential sharing, known as screen scraping, to extract data from users’ accounts and provide services such as spending management and budgeting tools.

Although the revised Payment Services Directive (PSD2) was intended to provide a more orderly and secure way for AISPs to gain access to accounts, firms say low-quality implementation by banks has left them in a difficult position.

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