BBVA API Market
Data aggregation APIs are very useful when it comes to combining information from different accounting and financial sources.
The aggregation of banking data is one of the API digital services that is in most demand, as well as the most regulated thanks to PSD2. What is this aggregation all about and how does it relate to APIs? What benefits does it offer to companies such as SMEs? What are the most popular services?
Banking data aggregation is a service and tool that allows us to group together the banking products arranged with different banks and view them together, enhancing their effectiveness in the same set of panels, no matter where you are, online.
Formally, banking data aggregation consists of the process of collecting, combining, and organizing financial information from different sources such as bank accounts, credit cards, loans, and other financial products arranged by an individual or a business in one place.
The main aim of banking and banked data aggregators is to provide the user with a complete, comprehensive and updated view of their financial and accounting position, in real time.
The benefits of data aggregators include that provide you with a clear and up-to-date picture of your financial position. As it allows you to connect your bank accounts, credit cards, loans and other relevant financial data sources using aggregation API, you can get an overview of your finances in real time.
With access to consolidated financial and accounting information, you can also make more informed and efficient decisions. One example is that you can consult how much money you owe in total, across all your bank accounts. This is especially useful if you have spread your debt across multiple entities.
The main benefit offered by APIs are that data aggregators can provide customized recommendations and finance scores. For example, they may recommend dedicating a fraction of your savings to risky investments, or precisely the opposite, pointing out the lack of savings or liquidity in your accounts. Some APIs use algorithms to assess your financial health based on a variety of factors, such as income, expenses, indebtedness or lending behavior.
This is particularly useful for SMEs, as, thanks to this new ecosystem created by combining different data verticals, they can access new customized services.
APIs (Application Programming Interfaces) are a key element in the integration of banking data, as they serve as the bridge that allows this data to be transferred.
The API connects to the source of the data, which may be:
With an application, such as those shown below.
There is increasing competition in the account aggregation services (AIS) sector, and sometimes startups manage to position themselves ahead of traditional banks when it comes to some services. Which are the most sought-after AIS services?
BBVA offers the financial aggregator as an innovative tool that allows users to manage and view their bank accounts from different entities from their BBVA account, either through the mobile application or the web platform.
This simplifies financial management by eliminating the need to access multiple banking platforms. It also provides an API that facilitates signature and authentication operations at other banks, all from within the BBVA environment. Basically, it offers convenience and efficiency by unifying the management of personal finances in a single place.
The financial aggregator is a service offered by BBVA that allows users to display and operate accounts from multiple banks without leaving their BBVA account, either in application mode or in web format.
As seen in the video, with this tools, users can operate accounts with banks including ING Direct, Sabadell or Bankia from the BBVA ecosystem. So what about the authorization passwords requested by the bank where the money is deposited? They will be generated within the API visible within the BBVA environment.
Fintonic is probably the most well-known non-bank account aggregator. According to the organization itself, the service boasts more than one million users.
Fintonic was the first Spanish fintech to obtain a license from the Bank of Spain to offer services such as making transfers using its app or arranging new services, meaning its impressive market share is understandable.
The aggregation service is an account aggregation service that forms part of Caixabank’s app/web ecosystem.
As is the case of the BBVA Financial Aggregator it is possible to view a Caixabank account, from the Caixabank aggregation service it is possible to connect to a BBVA account. And these services are not incompatible. In fact, Bankinter, Banco Santander and Openbank offer similar services.
This type of aggregation is very similar to accessing an app from your Facebook or Google account: you can authorize or revoke access depending on your needs at the time.
Afterbanks is a company that offers regulated PSD2 services to all types of customers. Although in principle it is aimed at developers, the aim is for it to be implemented at the companies they collaborate with.
Their range of APIs have positioned them as a serious competitor in the sector. They have an API for bank transactions, an API for Rule 43 and Rule 19 files, an API for identifying the holder, another for the list of banks, another for initiating payments, etc.
Although originally created independently as a fintech startup, Tink was acquired in 2022 by VISA, whose position in the card market is well known. VISA boasts more than half the market share, well ahead of MasterCard in second. Tink implements bank data aggregation services on behalf of third parties, including businesses.
As emphasized by the Bank of Spain (BdE) in its guide, entities “must have specifically authorized the provision of the service”, with the exception of credit institutions. The BoS also places an emphasis on several key points of institutions with AIS:
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