eWise

Categories: Data aggregation / eVault / PFM

eWise

About the company

eWise is an international supplier of account aggregation and money management solutions. Used by global financial institutions such as the HSBC Group and Westpac, eWise products are deployed extensively across Europe, Asia and Australia to power digital banking and personal financial management apps. Founded in 2000, eWise has a client base comprising banks, insurers, wealth advisors and financial technologies (FinTechs). eWise holds patents in the US, Australia, Asia and Europe. Headquartered in Switzerland, the company has operations in Europe, Asia and Australia.

 

Client-side account aggregation services for secure data management

eWise invented ‘client-side’ account aggregation, a unique way for users to securely and privately, aggregate, store, manage and share their financial data. Through client-side data aggregation, consumer data is gathered from a range of sources such as loans, bank accounts, credit cards, investment portfolios, offline assets, loyalty programmes and utility companies. User personal data is subsequently encrypted and stored on a Personal Data Vault (PDV).

The PDV resides on the end-user’s chosen device and is transferable, allowing personal data to be stored on a laptop, smartphone or tablet, and shared by the end-user whenever necessary. It also uses AES-256 encryption, and cannot be blocked by aggregated institutions. The PDV can also store offline assets and liabilities such as property values and loans, which are manually entered to give consumers a holistic view of their wealth, and users do not need to disclose their online account login and password to a third-party or eWise. This gives the user ultimate data privacy and control. The technology enabling client-side data aggregation is accessed through the eWise Aegis platform.

Reliable alternative architecture to server-based aggregation

eWise’s client-side aggregation is an alternative to ‘server-side aggregation’, which involves aggregation taking place continuously over the Cloud or via remote servers.

In the ‘server-side model’ customers provide ‘agency’ coverage to the service provider and supply their online login details, which are stored on the server and used by the provider to perform aggregation with associated security risks.

By contrast, client-side aggregation occurring on an end-user’s personal device does not involve storage of personal credentials and is less susceptible to being a target for hackers. Users can give and revoke access to their personal data to third-party service providers anytime. Client-side data aggregation is therefore a safer and more reliable way of aggregating sensitive information, giving end-users full control of their financial data.

APIs for personal finance management (PFM)

eWise supplies application programme interfaces (APIs) for transaction categorisation, cashflow forecasting and spend analysis.

eWise APIs are ready-to-use, and developers can use eWise API services to efficiently build financial apps, leveraging eWise expertise in transaction categorisation and cashflow forecasting. APIs can be integrated seamlessly within their apps or connect to the Aegis platform to access bank data.

eWise’s Categorisation-as-a-Service (CaaS) API automatically categorises user’s financial transactions, giving businesses a deeper understanding of their customers.

The eWise Cashflow Forecasting API allows developers to forecast user cash-flows over time by automatically incorporating how much money they are expecting to come in and out, based on user’s spending and income.

The open banking platform ready for PSD2 and more

The eWise Aegis platform gives you the tools to connect to all of your users’ bank accounts simply and is designed to be fully compliant with PSD2 regulatory requirements. Think of Aegis as your hub for financial data aggregation that can be quickly integrated within your existing infrastructure.

Considering the scope of PSD2 XS2A and its projected implementation timetable along with its specification principles, it is apparent that XS2A only offers access to payment accounts, namely the end-users basic current account and credit card.

With the average consumer and small business customer possessing a broad range of financial services products including current accounts, credit cards, personal loans, leases, insurance, ISAs and various other investment and credit accounts, the scope of PSD2 XS2A initiative might leave some of us feeling underwhelmed when it comes to providing end-users with innovative, convenient and value-added services driven by a truly comprehensive picture of their financial relationships.

Leverage eWise’s data aggregation platform to easily connect users’ bank accounts, credit cards, investments, pension funds, utilities, loans and more.

eWise is helping financial institutions to transition to PSD2 / Open Banking and manages multiple channels: Direct & In-Direct channels. Direct Channel (API) aggregates in-scope account data and establishes exception list, whereas In-Direct Channel aggregates only out-of-scope accounts to complete the picture.

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