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FABRICK PASS – AccountAggregation/Information
Help your customers manage their accounts more effectively and create value-added services for them by accessing, thanks to Fabrick’s AISP license, the transactional data of over 700 European banks.
New data for more efficient and value-added services
Thanks to Fabrick’s Account Information Service Provider (AISP) license, even your company, that does not operate in the financial sector, can reap the benefits of Open Banking.
Enable your clients to centrally manage multiple multi-bank accounts and access new sources of information, which until recently were the exclusive domain of banks, to offer more efficient and personalized services.
«ONE SHOT» AISP SERVICE
Following a simple integration of the service via API and subject to the explicit consent of the end user, you can recover a “photograph” of his current account or accounts containing:
– header data
– transaction history
– account balances
You can go back up to at least 90 days from the date you make the request, configurable according to your company’s needs.
CONTINUOUS AISP SERVICE
It allows to establish a lasting relationship with end users.
Following a simple integration of the service via API and through explicit consent via SCA (Strong Customer Authorization) every 3 months, users authorize you to continuously access their banking information:
– the header data of their accounts
– transaction history
– balances
How it works
The typical three-part scheme enabled by PSD2 leaves room for "fourth parties" or all those subjects that, despite not having financial services as their core business, want to seize Open Banking opportunities.
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1.SELECTION AND ACCOUNT AGGREGATION
During the purchase process of their product/service (i.e., when requesting a loan), end customers are redirected to a Fabrick web page to connect one or more of their bank accounts.
2. AUTHORIZATION
Once the accounts have been selected and after accepting the Terms and Conditions of the service, customers authorize the occasional or continuous transmission of bank information to your company through SCA. In the case of the “continuous” AISP service, they will be asked to complete the due diligence procedure (KYC) and the Anti-Money Laundering Questionnaire.
3. ACCESS TO INFORMATION
Thanks to the Fabrick API, operating as an active PSD2 Gateway, the bank provides your company (fourth party) with the final customer’s account data and information (IBAN and account header, balances, and transaction list).
Use Cases
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MULTI-BANK APP
Continuous AISP
The Account Aggregation service can be integrated into other applications to allow users to conveniently view and manage the accounts they hold with different banks in a single environment.
This is, for example, the basis of our Personal Financial Management (PFM) tool, which supports customers in better understanding and managing their finances.
CREDIT SCORING
One shot AISP
Access to multi-account financial information on transactions carried out by end customers allows for a richer and more complete information asset to assess customer solvency, which complements the traditional tools used in credit processes.
DATA STRATEGY SERVICES
One shot AISP
The multi-account analysis of purchasing behavior can address a specific marketing or commercial strategy, suggesting the proposition of a savings account or other innovative investment products, but also financing or a more efficient allocation of expenses if potential needs of liquidity are anticipated. Data also make it possible to categorize the expenses of a specific cluster of users, for example in energy, so as to offer corporate customers pricing and competition information.
SMOOTH AND FAST CHECK ACCOUNT
The AISP license can also help streamline customer onboarding processes and the overall user experience with certain products and services. It allows you to use the account information to quickly and promptly verify the holder identity and the ownership of the account itself. This saves end users from alternative and time-consuming activities to prove their identity and has a positive impact on conversion, as it reduces abandonment rates in the digital onboarding phase.
AUTOMATIC RECONCILIATION
It frequently happens that the accounting entry date of the invoices does not coincide with the actual bank collection, leading companies to reconcile the data manually. Thanks to the AISP solution, the management platforms that provide services to companies can also take care of automatic reconciliation: in fact, they can automatically obtain copies (in data format) of their customers’ account statements, thus verifying their collections and cross-referencing them with the data of accounting records already in their possession, returning valuable additional information.
The space for your developers
Open banking has huge potential in terms of creating new digital and personalized banking services for both retail and corporate customers. For developers there is a wide range of opportunities to build new businesses.