A List of Financial Data Aggregators in the United States

What Is Financial Data Aggregation?

Financial data aggregation, also known as account aggregation, is the process of bringing together information from financial accounts at different financial institutions and fintechs into a single place. It enables consumers to connect, or aggregate, their various accounts so they can view all of their financial data together and gain a comprehensive picture of their finances. With financial data aggregation, consumers can combine data from checking accounts, savings accounts, investment accounts, credit card accounts, mortgages, HSAs, FSAs, and more.  

There are a number of financial data aggregators that help facilitate this process across the world. In the United States, financial data aggregation has existed since the mid-1990s when banks and credit unions created the first digital banking applications.

Without financial data aggregation, consumers must look across a multitude of financial accounts to try to manage their financial life. Today, the average consumer has 3 to 5 financial accounts with various banks, credit unions, fintech apps, and other financial providers. This can be overwhelming for consumers to manage. And most want the ability to bring all of that disparate data into a single view. In fact, our research found that 57% of consumers said they would pull together all of their finances into a single mobile app to make them easier to track and manage if they had the option.

On the other side, financial providers only glimpse a fragment of a consumer’s financial picture and lack visibility into where consumers are sharing data from their systems with others. They are unable to understand where their consumers bank, what types of loans they have, and other information that can help them provide more personalized products and services and more meaningful money experiences to their customers.

This is why financial data aggregation is more important than ever. But, not all account aggregation experiences are created equal. There are several ways that financial institutions and fintechs can enable consumers to link their financial accounts today:

• Screen Scraping or Credential Sharing: Screen scraping requires consumers to share their username and password with the data recipient to gain access to their data. 
• Whitelisted IPs: This allows a financial institution to sanction data sharing with specific IP addresses and see who is accessing their consumers’ data.
• Open Finance APIs, or Open Banking APIs: Open finance APIs allow consumers to access their transaction data without the need to share usernames and passwords, replacing credentials with tokens, delivering higher levels of security, faster speeds, and higher connection success rates.

However, with screen scraping and whitelisted IPs, connections frequently break and consumers are left wondering who has access to their data while businesses have little visibility into where data is shared. This leads to frustration for consumers and could potentially cost businesses in the long run as consumers seek out a better experience. For example, previous research shows 57% of consumers said they’d likely seek out a new financial provider if their current one couldn’t deliver on these most wanted features. Learn more about How Open Finance Creates a Better Money Experience.

Open Finance puts the consumer in control of their data by enabling a more seamless and secure way to connect accounts into that single view. It also enables financial institutions and fintechs to deliver more personalized money experiences that drive better outcomes for consumers.

Top U.S. Financial Data Aggregators

As Open Finance continues to take hold, we list several major financial data aggregators in the United States that play a key role in the financial ecosystem. We start with MX for obvious reasons.

MX Technologies, Inc.

MX’s account aggregation solutions enable consumers to easily connect and view all of their financial accounts in one place — and give financial providers full visibility into consumer financial data to better meet their needs. In addition to connecting accounts, MX also enables financial institutions and fintechs to surface insights from transaction and investment data, and build better money experiences that grow their business and improve consumer outcomes. MX also provides key solutions for personal financial management, financial insights and mobile banking.

Mastercard Finicity

Finicity, which launched its first financial product in 2000, has since grown to provide financial data APIs, credit decisioning tools, and financial wellness solutions. It was acquired by Mastercard in 2020.

Envestnet | Yodlee

Yodlee was founded in 1999 and purchased by Envestnet in 2015. The company offers data aggregation, with a focus on investment data, and data analytics. Envestnet partners with advisors, banks, wealth management and brokerage firms, RIAs, and other companies.

Plaid

Plaid was founded in 2013 with an initial aim to be a money management tool but has since pivoted to help companies — mainly fintechs — aggregate data. In 2019, Plaid acquired Quovo, which offers an API management toolkit that helps clients connect to financial data. Plaid also announced the formation of a new entity that will serve as a consumer reporting agency that will build solutions that deliver ready-made credit risk insights using this information.

Akoya

Akoya was spun out of Fidelity into its own company in 2020, but remains owned and operated by Fidelity and 11 major U.S. banks. Its focus is on serving as an intermediary between data providers and data recipients through its Akoya Data Access Network.

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An article titled "A Buyer's Guide to Data Aggregation" from TearSheet contains more information about all these financial aggregators.

What's Next for Open Finance?

In the U.S. and Canada, the adoption of Open Banking and Open Finance has been primarily market-driven to date. The Financial Data Exchange last reported that more than 94 million consumer accounts use their API for secure, permissioned data sharing. While industry-led adoption is strong, regulatory requirements and government mandates may soon catch up.

Canada’s open banking framework is underway with the release of its 2024 Fall Economic Statement. With a goal to have an operational open banking framework operational by early 2026, Canadian financial institutions should be proactive in getting their data strategies off the ground. 

In the United States, the Consumer Financial Protection Bureau (CFPB) issued a rule under Section 1033 of the Dodd-Frank Act to establish formal consumer financial data rights at the end of 2024. However, legal proceedings and government regime changes have created uncertainty that may require the process to restart.

Businesses Can't Afford for Connections to Break

In fact, 72% of consumers would likely seek out a different bank or credit union if their current provider couldn’t connect their financial accounts to financial apps or other online accounts.

We hope you will choose to partner with a financial data aggregator regardless of who you choose to work with. It's one of the best ways to become the primary financial institution for your customers since it gives them the ability to see all their finances in one place — in your portal.

Learn more about how MX enables faster, more dependable connections with MX Account Aggregation Solutions.