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U.S. Investment Data & Open Banking Ecosystems

ByAllAccounts Submits Comment Letter in Response to Consumer Financial Protection Bureau’s (CFPB) Section 1033 Notice of Public Rulemaking for Personal Financial Data Rights. Read Here.

U.S. Investment Data & Open Banking Ecosystems

For over 20 years, ByAllAccounts has been dedicated to providing wealth managers and investors with exceptional financial data. Our data aggregation service plays a vital role in gaining a comprehensive understanding of an investor's financial status and habits. This information allows advisors to offer personalized recommendations leading to improved financial outcomes for clients and allows firms to streamline workflows with precise and complete data.

The regulatory landscape for digital data security, privacy, and data availability is rapidly evolving. And while the promise of open banking has been to give consumers the right to seamlessly access and share their financial data, the Proposed Rulemaking by the Consumer Financial Protection Bureau (CFPB)—Section 1033 of the Dodd-Frank Act—will not have an immediate impact on the investment data ecosystem. The initial rulemaking will only include certain types of deposit accounts, such as checking, savings, and credit card accounts, with the commitment to expand account types in later rulemaking.

As a data provider to the investment management space, ByAllAccounts is not only committed to prioritizing the protection of user data, but also ensuring its reliable availability to investment management service providers. We are committed to acting as the voice of investors and the professionals who serve them with policymakers, regulators, and industry groups.

Access the Highest Quality Wealth Management Data in the U.S. Open Banking Ecosystem


ByAllAccounts is an essential partner in delivering the top-quality financial data necessary to drive your investment-related initiatives. As a prominent participant in the rapidly changing investment data and open banking ecosystems, ByAllAccounts is committed to enhancing the connection between investors and their financial advisors. Our platform offers advisors comprehensive access to their clients' custodial and external accounts in a secure, compliant, and reliable manner, all while allowing investors to retain precise control over their financial data throughout the entire process.

4 Reasons Why the Investment Data Ecosystem Matters

The investment data and open banking ecosystems are important to investors, financial advisors, and the enterprises that serve them.

Reliable access to high-quality investment data.

To fulfill their role as a fiduciary and serve their clients, financial advisors must have a comprehensive understanding of their clients' financial situation to offer personalized, compliant, and actionable financial guidance. To achieve this, advisors must have access to high-quality data and dependable data connections. Our objective is to create the largest network of secure, high-quality connections to the data sources that our customers depend on. Open banking is one way to accomplish this, but it is not the sole method—our data strategy explores multiple options to achieve this goal.

ByAllAccounts provides reliable access to high quality investment data.
Greater transparency and reduced risk.

In an environment of fragmented regulation and standards, open banking minimizes risk through the establishment of standards and collaboration among key players in the data ecosystem. Advisors will no longer need to store client credentials themselves or with their aggregator, and investors will be able to manage consent to their financial data, further reducing risk. By doing so, open banking helps safeguard against data theft, identity fraud, and other security threats by preventing the unauthorized sharing of user credentials.

With ByAllAccounts, investors have greater transparency and more granular control over the use of their data.
Industry advocacy and partnership.

Trust between an investor and their financial advisor is of the utmost importance. For over two decades, ByAllAccounts has been a champion for both investors and advisors. ByAllAccounts is dedicated to furthering the investment data and open banking ecosystems through its involvement and advocacy with policymakers, industry groups, and regulators. We will continue to make available the proper data elements required for investment use cases through our data access approach and strategies.

Consider us your essential partner for wealth management use cases.
High standards for privacy and security.

Maintaining integrity is a crucial component of providing investment advice to clients. At ByAllAccounts, we place great importance on security and privacy and adhere to industry-leading financial practices. Our data is encrypted both while at rest and in transit, and we comply with applicable laws for privacy and consumer protection. As a service provider to clients, many of whom are regulated by the U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA), we maintain the highest standards of third-party risk management in the highly regulated financial industry.

We hold high standards for privacy and security.

Open Banking for Wealth Management in the United States - The Work is Progressing.

Today’s open banking direct data connections can provide reliable and secure access to the critical data necessary to maximize positive client outcomes and provide enhanced back-office efficiencies. U.S. regulators are making progress toward standardized open banking. However, until investment data is fully incorporated into the regulation, investment-focused data aggregation must make use of other means to complement open banking to provide advisors and investors with the enriched data necessary to ensure high-quality, reliable, and actionable investment insights. 

Download this whitepaper to learn:

• What is open banking?

• Why open banking and investment data are an imperfect union?

• What makes a good investment data and open banking partner?

• Why is Morningstar ByAllAccounts your essential partner?

ByAllAccounts Wealth Management Whitepaper

Open Banking Resources

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