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Account Aggregation: Consolidation on the Cutting Edge Security Concerns Trust Standardized Formats
Beginning of article
ASSESSING ACCOUNT AGGREGATION WADE THROUGH THE MYTHS AND OBSTACLES IN ADOPTING THIS SERVICE OPTION BY KATIE ROBERT
In 1998, when Venhat Rangan, who later founded Yodlee Inc., developed account aggregation, industry experts seemed intrigued by the possibilities afforded by the technology, most notably, the ability for customers to view their entire financial portfolio from a single location.
Many community bankers were skeptical of how offering account aggregation would benefit their banks. There was also a concern about sharing customer information with unaffiliated third-party vendors. Bankers were worried about keeping their customers' financial information secure. …
