Open banking enables account aggregation by allowing authorised third-party providers to access real-time banking data across multiple accounts with the user’s consent. This data can then be pulled into a single interface, giving users a unified view of their finances, whether that includes current accounts, credit cards, investments, or business bank accounts.
In this guide, we explain how account aggregation works with open banking, how to choose a provider, and what to look for when building a scalable, secure aggregation solution.
What is account aggregation?
Account aggregation is the ability to collect and display data from multiple financial accounts in one place. It is commonly used in:
- Personal finance tools, where users can track spending, savings, and income across banks
- Accounting platforms, where businesses view and reconcile multiple accounts
- Lending or credit scoring applications, where real-time visibility into income and spending improves decision-making
For users, the benefit is clear: instead of checking several banking apps, they can manage all their finances in one dashboard.
How open banking enables account aggregation
Open banking uses APIs to connect platforms with users’ financial institutions, allowing real-time access to data such as:
- Account balances
- Transactions
- Account holder identity
To use this data, third-party providers (TPPs) must be authorised as Account Information Service Providers (AISPs). With user consent, the AISP can connect to multiple banks via APIs and consolidate this data into one platform.
Here’s how it works in practice:
- A user connects their bank accounts to a TPP’s app or platform
- The TPP (via an AISP like Yapily) uses open banking APIs to retrieve account data from each institution
- The data is standardised and displayed within the TPP’s interface
- Consent must be renewed every 90 days (unless regulations change)
This process is secure, regulated, and typically happens in seconds, creating a seamless experience for the end user.
How to choose an account aggregation provider
If you want to offer account aggregation, you have two options:
Option 1: Build direct integrations with banks
You can become an authorised AISP and integrate directly with individual bank APIs. This gives you full control but is costly, time-consuming, and difficult to scale across regions.
Option 2: Work with an open banking platform
Most platforms work with a provider that is already licensed as an AISP and offers pre-built infrastructure. This simplifies integration and accelerates time to market.
For example, Yapily is an open banking infrastructure provider that offers secure access to nearly 2,000 banks across 19 European countries. It supports both AIS and PIS (Payment Initiation Services), making it suitable for providers that want to go beyond data and offer payments too.
What to look for in an account aggregation provider
When evaluating open banking platforms, consider the following five features:
1. Coverage
Check how many banks are supported in your key regions. If your users cannot connect all of their accounts, the product will fall short. Yapily offers strong coverage across Europe, including the UK, Germany, France, the Netherlands, the Nordics, and Spain.
2. Data enrichment
Raw banking data can be messy. Look for providers that offer enrichment tools like:
- Merchant name standardisation
- Transaction categorisation (e.g., utilities, subscriptions, business income)
- Recurring payment detection
Yapily’s Data Plus enrichment helps users see clear, actionable insights, not just raw transaction logs.
3. Support for business and consumer accounts
Many open banking providers focus only on personal banking. If your platform serves SMEs, freelancers, or corporates, make sure your provider supports business accounts as well.
4. Payments functionality
If you want to let users move money between their aggregated accounts, you’ll need a provider that also acts as a PISP. Yapily offers both AIS and PIS, enabling use cases like instant transfers, top-ups, and bill splitting.
5. White-label integration options
User trust is essential in financial products. Look for a provider that lets you control the brand experience. With Yapily, you can build your own UI or launch faster with Hosted Pages that reflect your brand’s colours, logo, and tone.
Offer account aggregation with Yapily
Open banking has made it easier than ever to provide real-time account aggregation. With the right provider, you can offer a seamless, secure, and insight-rich experience to your users, whether they are individuals managing personal finances or businesses reconciling across multiple accounts.
Yapily gives you the infrastructure to build that experience at scale. With:
- Access to nearly 2,000 banks
- Enriched financial data via Yapily Data Plus
- Support for both payments and data services
- Full white-label flexibility
You can go live quickly and offer a better aggregation product from day one.
*Book a call with an open banking expert at Yapily to find out more *
FAQ: How to use open banking for account aggregation
1. What is account aggregation in open banking?
It is the ability to connect and consolidate financial data from multiple bank accounts into one view using open banking APIs.
2. Do I need to be regulated to offer aggregation?
Only if you want to access the data directly. Most platforms use an authorised AISP like Yapily to handle the regulated part.
3. What kind of data can I access?
You can retrieve balances, transactions, account holder identity, and more—depending on user consent and the bank’s API.
4. How is user consent handled?
Users must authenticate with each bank and grant permission. Consent lasts 90 days and must be renewed.
5. Can I offer both aggregation and payments?
Yes, but only if your provider offers both AIS and PIS services. Yapily supports both, allowing you to combine data insights with direct bank transfers.