Connection methods
As the co-founders of FDATA, we are firm believers in Open Finance, where the consumer owns and controls their own data at all times. We aggregate data from multiple sources using a hierarchy of technologies, putting customer consent at the heart of the process, and pulling an individual’s finances into one place smoothly and securely.
We always ensure the consumer is clearly consenting to access their data. Some connection methods allow more granular consent than others, but where possible, we use a consent-driven API model, for example Open Banking. We favour direct connection; it gives consumers the most control over access to their data and execution of services. Even with consent-driven APIs, there are often multiple options of data source, so in this instance, we can optimise and prioritise the best solution, such as one that does not incur fees, or one that provides a deeper level of insight.
Here are the technologies we utilise to gather data, starting with the ones we prioritise.
Direct connections – preferred options for accessing consumer data:
1. Open APIs – for example, Open Banking. These are available to any authorised third party, such as Moneyhub Enterprise.
2. Closed APIs – A private commercial agreement between the service provider and Moneyhub Enterprise.
3. Bespoke integration – Particularly prevalent in the Pensions industry often using Single Sign On, File Transfer or other dedicated secure connection.
4. Contract enquiries – Typically used for investments made on a end-user’s behalf, such as by a financial advisor.
5. Bulk upload – Typically used for Enterprise Partners who wish to pre-load a service with data held about users.
Indirect connections – for those situations where direct connections are unavailable:
7. Manual – In the very few instances where we cannot obtain data using another process above. For example, in the instance that a customer owns a yacht, the value of this can be manually added and key drivers set, such as depreciation.
8. SAR Integration – thanks to GDPR, any individual can request data held about them in a machine-readable format, which can then be periodically uploaded to Moneyhub. With the movement towards APIs, we don’t expect this to be used often.