Banks’ adversaries in the debate over account data sharing have honed their talking points and gone on the offensive.

Data aggregation companies and some fintech companies need consumers’ bank account data for their business models and products to work. The aggregators make money by collecting account data and streaming it to other companies, usually fintechs but sometimes banks as well. The data is gathered either through screen scraping (logging in to an online banking service using the customer’s username and password and copying and pasting the transaction information into a database) or through direct connections with the banks.

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