The Financial Services Technology Consortium, a group of financial institutions and service providers, is launching a pilot program to prove the feasibility of the next-generation of account aggregation framework. The framework will provide the technical foundation for customers to use a single aggregation provider to update multiple accounts, initiate payments, and transfer funds between financial institutions and will be based on FAST, a financial industry authentication method. Members of the consortium include Bank of America, Federal Reserve Bank of Chicago, Fidelity Investments, Access Softek, Business Logic and Yodlee, among others.
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