Meet Aggreg8, the first Account Information Service Provider in Hungary!

Aggreg8, offering a range of open-banking-based services, became the first non-bank Account Information Service Provider (AISP) in 2019 in Hungary to be registered and supervised by the Hungarian National Bank (MNB) following the entry into force of PSD2. PSD2 (the Payment Services Directive of the European Union) aims to expand the range of available digital financial services by allowing new non-bank players (fintech companies) to enter the market. Fintech companies are allowed to provide financial services to their customers themselves. This requires banks to operate a standardized open-access interface through which third-party service providers such as Aggreg8 can access bank customers' data.

Why Aggreg8?

With account information available through banking PSD2 interfaces, APIs, Aggreg8 can simplify many financial processes, faster and more cost-effective, such as credit rating or accounting tasks. Currently, Aggreg8 can access data stored by more than a dozen banks through their API connections, providing almost 100 percent coverage of the customer base of the leading banks in Hungary. Aggreg8 aims to meet the needs of its customers as much as possible, and this list is constantly growing according to customer preferences. The expansion of the API coverage in the neighbouring regions is actively underway, with leading banks in Romania and Slovakia, and a number of banks in Poland and the Czech Republic soon to be added to Aggreg8's offering.

As a payment institution supervised by the Hungarian National Bank, Aggreg8 manages and stores the synchronised data in accordance with the highest banking security standards.

Who can benefit from the service?

Aggreg8's Information Sharing Service supports the activities of its business partners, enabling them to provide access to their customers' account information to companies that cannot request it from the account-keeping banks in their own right, and Aggreg8 partners can even simplify the integration of their own accounts with different banks into their corporate management systems. They can then use the data for their own services (e.g. accounting automation), making it easier for them to manage their corporate finances. Through Aggreg8, they can access their customers' account information from different banks in one place.

Learn more about how Aggreg8 works!

In order to synchronise account information, users registered in Aggreg8 need to identify themselves to their account-holding bank with strong customer authentication, just like a simple online banking login. After successful bank authentication, the user must authorise Aggreg8 to retrieve and store their account information. In any case, customers can be sure that their data is secure, the system does not store bank login details, and their data is only shared by Aggreg8 with the business partners designated by the user with the appropriate authorisation. This authorisation can of course be revoked at any time. In addition to being highly secure, the service also provides a convenient solution for the user, as the account information sharing authorisation given on the bank side is valid by default for 180 days, only after which a new banking authentication is required to extend the authorisation.

If you are interested in Aggreg8's solution, please request a free consultation and demo, where Aggreg8 colleagues will present in detail the possibilities of the given cooperation!