Quicken and other desktop financial software offers account aggregation with automated transaction downloads and the ability to configure the software to show details for a number of accounts on one screen. However, account aggregation is usually used in reference to Internet-based financial tools that show all credit card, brokerage, savings and loan accounts held across many financial institutions on one web browser page.
Financial SnapshotsThe benefit of account aggregation is that you get a snapshot of all financial accounts while being able to easily retrieve account details like recent transactions, in one place. Using this feature, you open one software package on your computer or you log on to one web site to see all financial accounts.
How to Set Up Account AggregationTo set up account aggregation, you first need to have online online banking set up with the financial institutions that hold each of your accounts. Then, you set up the accounts in your online or desktop financial software by going through a set up routine where you specify where your financial accounts are held, and enter your user name or account number and password or PIN for each account.
When you log into your software, a password is entered and the the software uses the aggregation service to securely present log in information and passwords to all of the individual financial institutions that hold your accounts. Data for each account is then downloaded.
Chances are that you are already using account aggregation if you use online financial software or desktop financial software that pulls in or downloads data from multiple accounts.