Meniga launches new Aggregation Hub
A new aggregation hub will be launched this summer. This will be a major milestone for us and our customers.
Since Meniga´s founding in 2009, the consolidation and aggregation of banking and transactional data has been central to our development and innovation. The new Meniga Aggregation Hub helps banks to both comply with and capitalize on PSD2 regulation.
It provides a future proof platform for the evolving need for data aggregation and payment services. Want to enable users to see data from social media or FitBit step count in your online banking app? We’re already preparing for that future.
Foundation of banking innovation
Meniga works with 70 banks with some 65 million digital users. Our market leading Aggregation Hub plays a central role in the aggregation and consolidation of data from financial institutions, bank accounts and transactions, directly as well as through trusted aggregation partners around the globe.
The Meniga Aggregation Hub in a nutshell
Key functionality of the new Meniga Aggregation Hub is the initiation of payments and the aggregation of data from other banks. The Aggregation Hub is designed to manage the complexity introduced by interacting with multiple data sources by introducing a single API to connect with providers, import their offered data, initiate payments, create, authorize and store consents as well as credentials when needed.
One stop shop for data aggregation and payment initiation
The Meniga Aggregation Hub is an aggregation service that integrates with multiple Aggregation partners and PSD2 data sources. It provides banks with a single API for financial data aggregation and payment initiation. The aggregated data may be seamlessly stored, enriched and worked with through the Meniga Digital Banking Platform and its powerful REST API, offering diverse PFM services. Being designed as independent micro services, the Aggregation Hub can also be used independently of other Meniga products, if needed.
Why is the Aggregation Hub so important?
The foundational role of consolidation and aggregation was emphasized in our new product vision at our Fin42 conference which took place last November.
Future proof solution for banking integration
The Meniga Aggregation Hub is designed to be a future proof solution for banks that want to integrate 3rd party data and services into their product offering under the consent of their end users. The API currently supports account aggregation and payment initiation, and other data types and services will be added in the future.
Host the hub on-premise or in the cloud
The Meniga Aggregation Hub is implemented as a set of micro services leveraging state-of-the-art container technology which facilitates installing on-premise or as a cloud-based SaaS offering that provides a single API for initiating payments and aggregating data from different data providers. The service gets data from financial institutions and other sources by using either standard interfaces as specified by PSD2 or by using Aggregation partners that use methods like screen scraping/credential-sharing or reverse-engineering of non-standard APIs to aggregate data.
Simplifying aggregation and consolidation
The Meniga Aggregation Hub reduces significantly the complexity for banks and other parties which want to offer their customers aggregated financial data and payment initiation. The bank authenticates the end user and delegates API calls to the Aggregation Hub’s API. The Aggregation Hub sets up connections to different aggregation providers on behalf of the end user who will just need to authorize the access being granted.
Main benefits and features of the Meniga Aggregation Hub
Future proof and ready to use API
Meniga Aggregation Hub offers a single, cost-effective, simple-to-use API which eliminates the the complexity of integrating different aggregators and PSD2 standards. Import and synchronize accounts and transactions, initiate and authorize instant and future payments with multiple providers using a single modern API.
Flexible handling of consents and eIDAS certificates
Under PSD2, third party providers can initiate payments and aggregate accounts on behalf of end users, provided they have the end user’s explicit consent. This is all handled by The Meniga Aggregation Hub.
Flexible delivery model
The Meniga Aggregation Hub has different delivery models
- On-premise installation
- Dedicated SaaS instance operated by Meniga
- Multi Tenant SaaS platform controlled by Meniga
Each delivery model has different roles for Meniga and the banks that use the Meniga Aggregation Hub in GDPR terms.
Data harmonization, storage and enrichment
Meniga is known for its best-in-class data enrichment and has many years of experience of cleaning and harmonizing financial data to make it suitable for data enrichment. A vital part of transaction enrichment is accurate merchant identification. This is a functionality we have worked hard on perfecting.
The Meniga Aggregation Hub harmonizes data coming from financial institutions and other providers through different aggregation partners or XS2A (Access to Accounts in PSD terms) interfaces. Connectors convert the data into a standard format and do relevant field mappings.
The Meniga Aggregation Hub works seamlessly with Meniga’s Data Consolidation & Enrichment modules that provides persistent storage of aggregated data and enrichment of transactions. The enrichment of transactions includes categorization and merchant mapping.
Ready for real time aggregation
PSD2 technical specifications are built around APIs where the third party providers pull data from Account Servicing Payment Service Providers (ASPSPs). Meniga’s future vision on Aggregation is a real-time aggregation where ASPSPs push data to third party providers that have subscribed to real-time aggregation events. The Meniga Aggregation Hub is designed to be ready for real-time aggregation.
Pre-integration with PFM and Digital Banking solutions
When the Meniga Digital Banking solution is integrated with the bank’s own data, the bank can use Meniga’s Digital banking and Data products that are based both internal and aggregated data. The Aggregation Hub also works with other solutions that persist accounts, transactions and other aggregated data as well as payments. Those solutions can subscribe to aggregation events and pull data through the Aggregation Hub API.
Pre-integrated with Aggregation partners
Meniga is building connectors to a number of Aggregation partners. The Aggregation Hub comes with a few pre-integrated Aggregation partner connectors.
Integration with Meniga / Wrapp Rewards platform
Meniga operates a Transactions Driven Marketing platform in the Nordics that brings merchant funded Rewards to online banking user in cooperation with a number of banks in the Nordics. Meniga Aggregation Hub will be integrated with this platform to provide Rewards and Account aggregation to end users of the partner banks in a unified way. This platform also forms a basis for a real-time aggregation.
Fraud system integration
All relevant operations within the Aggregation Hub result in audit events that are e.g. intended for processing by anti-fraud systems.
Billing data collection
Meniga Aggregation Hub collects information about initiated payments, consents, data volumes and other information that might be relevant for billing purposes.
Data quality monitoring
Meniga Aggregation Hub is connected to monitoring tools that automatically detect anomalies in the data. Anomalies are flagged and reported to a support team under different circumstances.
SLA management with Aggregation partners
On case by case basis Meniga commits on a single service level that is on par with or better than what is promised by the Aggregation partners. The bank only needs to have a single Service Level Agreement (SLA) with Meniga but Meniga takes care of contracts with the Aggregation partners and holds them accountable for their SLAs through active and automatic monitoring of their account aggregation service.
Single Provider Registry
The Meniga Aggregation Hub holds a registry of Providers supported by all the Aggregation partners. Each bank which uses the Meniga Aggregation Hub can choose which Providers should be available to their end users.
How to try the new Meniga aggregation hub
Banks can now connect to our APIs and test the functionality of our new aggregation hub. If you need any further information please don´t hesitate to contact me.
For more information, visit www.meniga.com
