BITS publishes new guidelines for Financial Services Aggregation

The guidelines released on January 12, 2004, update BITS’ 2001 aggregation guidelines, focusing on security, privacy, consumer education and the regulatory environment. The new report suggests guidelines for the collection and storage of customer account information; guidelines and recommendations for aggregation service providers, aggregation technology providers, third-party vendors and institutional account holders; and identifies the need for authentication and information exchange betwe