AISP – Account Aggregation
The solution to help users manage accounts more efficiently and enable companies to analyse bank records, improving the customer experience.
AIS and PIS solutions are not available in the UK. Fabrick provides these solutions only in Italy, Spain and France. If your business has a registered office in Italy, Spain or France and you would like more information, you can contact us here.
Manage multiple accounts from a single access point
The Account Aggregation service provides users with aggregated and centralised information on all their current account activity to better manage their personal finances.
Manage multiple accounts from a single access point
The Account Aggregation service provides users with aggregated and centralised information on all their current account activity to better manage their personal finances.
Two ways to access customer account data
The service, with the consent of the account holder, allows companies to collect this information on a one-time basis, also from several current accounts:
- IBAN
- Account data
- Transaction history
- Accounts balance
Customisable to the company's needs, a record can be consulted according to what is made available by individual banks.
Subject to customer authorisation via Strong Customer Authentication (SCA) required every 6 months, the company can access the following information at any time:
- IBAN
- Account data
- Transaction history
- Accounts balance
How to access accounts
Fabrick provides its AISP licence and technology components to allow all companies, including non-financial ones, to reap the benefits of Open Banking through an easily integrated solution.
Account selection and aggregation
When purchasing a product or service (e.g. a financing request), the end customer is redirected to a Fabrick web page to connect one or more accounts.
Authorisation
After selecting the accounts and accepting the Terms and Conditions of the service, the end customer authorises the “one-shot” or recurring transmission of their account information to the provider of the service they are purchasing.
In the case of the recurring AISP service, the completion of the due diligence (KYC) and Anti-Money Laundering questionnaires is required.
Information Accessibility
The platform accesses bank data four times a day and provides the company with the latest available information.
Use cases
The Account Aggregation service allows companies to set up applications that aggregate information from multiple accounts of different banks in order to offer their customers value-added services such as customised multi-bank financial management, investment consulting and expense management.
Access to multi-account financial information on end customer transactions expands the information gathered through traditional tools to assess their solvency, resulting in a more precise analysis.
Transaction data collection and aggregation enable the adoption of more efficient business strategies based on the resulting information database. Analysis of purchasing behaviour can guide marketing and commercial strategies in shaping specific financial products as well as in setting the service pricing based on the study of competitors.
By providing real-time access to bank account records, companies can simplify customer identification in the onboarding process to their services, ensuring account ownership confirmation, improving overall service quality and reducing churn rates.
By integrating the Account Aggregation service, EMSs can manage automatic reconciliation between payments and purchase orders and invoices.
The service automatically generates a data-format copy of the customer's account statement, in order to verify their collections and cross-check them with the accounting records, providing additional information to simplify reconciliation processes.
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