The ability to access and analyse real-time payment information is vital to business success. But the sheer volume of transactions and the need to capture data from a variety of sources presents can be a logistical nightmare. Payment Orchestration is here to help gather data and give you the insights needed for your business to thrive.
Data aggregation can be broken down into two parts: consumer permission and financial data aggregation.
The consumer permission refers to the fact that consumers should consent to the process and provide the necessary credentials for their bank. In return, they expect security, privacy, transparency in the use of their data, and some form of benefit.
The second component, financial data aggregation, consists of the financial data collected from thousands of sources, including banks, credit unions, credit card platforms, investments, mortgage companies and other payment providers.
Data reconciliation, meanwhile, is a verification process where target data is compared against the original source data to ensure the data has been transferred correctly.
There are three steps in the data aggregation process:
- Raw data is extracted from one or multiple sources.
- The extracted data is processed by the tools within a database, aggregation software, or middleware to get rid of duplicates and inaccurate data. At this point, various functions apply to provide the requested result.
- Presentation is the final step, displaying the results in a convenient and understandable format.