Aggregation on FFDC
With FFDC, Finastra is moving towards a marketplace/platform approach for third-party FinTech developers to integrate into the bank’s infrastructure and services in order to drive new value for the FI. This is bigger than “simply” Open Banking. Many of these third-party developers need to solve the sorts of problems that aggregators like Yodlee and its competitors solve. Let’s look at a case study with aggregation to show how it works.
FinGoal has built a Proof-of-Concept to surface Aggregation functionality (starting with aggregation) within the Finastra’s FFDC platform.
The aggregation is sold to the FI through the FFDC marketplace with data structures normalized to FFDC standards. Any FI’s users data that have aggregated will be made available to other FFDC marketplace service providers to the FI.