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US Investment Data and Open Banking Ecosystems

ByAllAccounts delivers reliable and secure access to high-quality financial data, ready to power the needs of wealthtechs and their clients.

For over 25 years, ByAllAccounts has been dedicated to providing exceptional financial data. Our wealth data aggregation plays a vital role in gaining a comprehensive understanding of an investor’s financial status and habits. With reliable access to this precise and complete data, advisors can personalize recommendations for improved client outcomes and efficiently manage their practices.

The latest developments in open banking regulations and standards

The regulatory landscapes for digital financial data availability and safeguards are rapidly evolving, as are the standards underpinning these connected ecosystems. At the same time, there is new attention paid to regulations and standards for investment advisors and the advice they provide.

The Personal Financial Data Rights Rule, enacting Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, will not immediately affect the investment data ecosystem. The rule will only cover certain types of retail banking accounts, such as checking, savings, and credit card accounts, with the commitment for expansion later. While some financial data providers will not be directly covered by the Act, they are making commercially backed APIs available to aggregators, however the vast majority of custodians, recordkeepers, and annuity providers haven’t embraced this new method of access.

Until they do, ByAllAccounts will continue to leverage the best available data access methods for each institution, while continuing to advocate for the interests of investors and the professionals who serve them with policymakers, regulators, and industry groups.

Why Financial Data Sharing Matters

Effective financial advice depends on the quality and timeliness of the data that it’s based on. Advisors need reliable and seamless access to this data. The investment data, retirement, and Open Banking ecosystems are therefore vital to investors, financial advisors, and the technology platforms that serve them.

Today’s direct connections can provide reliable data access for positive client outcomes and back-office efficiencies. To fulfill their fiduciary role to act in their clients’ best interests, advisors must understand their clients’ comprehensive financial situation in order to offer personalized financial guidance. To do this, they need access to high-quality data.

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Access the highest quality wealth management data in the US financial data ecosystem

ByAllAccounts is an essential partner in delivering the top-quality financial data to drive your investment-related initiatives. As a prominent participant in the rapidly changing investment data and Open Finance ecosystems, ByAllAccounts is committed to enhancing the connection between investors and their financial advisors.

Advisors can get secure, compliant, and reliable access to clients’ custodial and external accounts, all while allowing investors to retain precise control over their financial data throughout the entire process.

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Learn more about financial data aggregation, consolidation, and distribution from ByAllAccounts. 

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See how high-quality aggregated data can power great financial advice.

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