Push Framework for Financial Data Aggregation Without Credentials
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Solution Overview
Problem
Current financial data aggregation methods, which rely on a pull methodology requiring customers' login credentials, pose security concerns and create unnecessary system loads due to frequent account access for updates.
Innovation Solution
Implementing a push framework that allows aggregation providers to subscribe to financial data events without needing login credentials, using authorization protocols like OAuth 2.0 to obtain access tokens for limited account access, and employing event signing processes for security and validity.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If aggregation providers use pull methodology with customer login credentials to retrieve financial data, then they can access and aggregate data from multiple financial institutions, but security concerns arise and system load increases due to frequent account access
Solution Approach 1:
The patent introduces an event subscription mechanism as an intermediary between aggregation providers and financial institutions. Instead of directly using customer credentials to pull data, aggregation providers subscribe to event notifications that are pushed by the financial institution's system. This intermediary mechanism eliminates the need for aggregation providers to possess or use customer login credentials, thereby resolving the security contradiction while maintaining data aggregation capability.
2Speed
If aggregation providers frequently access customer accounts to check for updates, then they can ensure real-time data availability, but unnecessary system load is created on financial institutions
Solution Approach 1:
The patent inverts the traditional pull-based data retrieval approach by implementing a push-based event notification system. Instead of aggregation providers continuously accessing customer accounts to check for updates, the financial institution's system detects changes and automatically pushes event notifications to subscribed aggregation providers. This inversion eliminates unnecessary system load while maintaining real-time data availability, as the system only activates when actual changes occur.
3Reliability
If financial institutions implement measures to prevent aggregation providers from using customer credentials, then security is improved, but customers who prefer third party aggregation providers are upset
Solution Approach 1:
The patent extracts the credential verification function from the data aggregation process. Instead of aggregation providers using customer credentials to access accounts, the system extracts authentication to the financial institution's official login channel. Customers separately authenticate through the financial institution's secure system and grant event subscription permissions. This separation allows aggregation providers to receive data notifications without ever handling customer credentials, maintaining both security and customer convenience.
Data Source
AI summary
Financial events can be provided using a push framework. Using the push framework, an aggregation provider can subscribe to receive a customer's financial data without ever requiring access to the customer's login credentials. Once an aggregation provider has subscribed to receive a customer's financial data, the financial institution's system can push financial events to the subscribed aggregation provider describing changes that have occurred to the customer's financial data.