Quovo : Understanding Data Aggregation for Finance

  • 19 November 2017 | 143 Views | By Mint2Save
Quovo Connecting fintech entrepreneurs, financial advisors, and institutions to their clients' financial accounts

Are you an entrepreneur venturing into the world of finance? Does your business require keeping in touch and managing several accounts? Are you in search of a platform which connects to millions of financial accounts ? Are you looking out for a client rich database ? So many questions hover around the minds of thousands of business owners and young entrepreneurs while they are on the verge of developing their businesses and bringing it up to a new height by maintaining a rich clientele.
All the questions would be answered right away. In this article, we explore a new type of fintech startup, that derives its essence from the art of data management. Quovo : Amalgamation of “quote” and “vote”, has started to spread its wings in the world of finance data presentation.

A data platform, known as Quovo, an API management tool kit which is well versed in providing insight and connects to millions of financial institutions. It helps to strengthen relationships with the clients by connecting to better financial institutions and financial advisors as well. Quovo is a culmination of industry-leading APIs, modular applications and enterprise solutions. The financial service industry, today is in urgent need of clear visibility to assess the demands of the clients and customers for the betterment of their financial planning as well as management. Quovo has recently launched an Auto-verified Micro Deposit, in short, AVM which would help the financial providers to create a streamline for the client onboarding and ACH payments and transfers. This feature will allow seamless verification of account for payments and transfers.

Quovo has brought about a financial evolution for the present generation. There is an advancement in the ways and means of technology and in the finance sector as well. It was complicated few years back. So, to make tasks simpler, Quovo has taken birth with a commitment to develop a better financial future with the simple usage of data analytics. There are four important parts of Quovo. They are as follows:

  1. Account Aggregation- Quovo has the most substantial account aggregation technology in the sector of finance. It helps in the refinement of the algorithms for ensuring that the users have access to the most vigorous account data available which includes blocked accounts as well. This feature of Quovo can even pull data from the documents and statements which are readily available online such as tax forms or account statements. It also helps the account aggregation to change from a difficult implementation of a turnkey feature in the tool kit. Basically, this API helps to bring out all the relevant data on behalf of the users. It is made on restful principles. There are some methods which help in the smooth functioning of this API. They include:
  • GET- It is used to bring out all kinds of data.
  • POST- It is used to create a new user account.
  • PUT- It is used for the upgradation of the account.
  • DELETE- It is used to delete an account.
  1. Instant Authentication- The proper authentication of the bank accounts is one of the most vital parts for the workflows on-board to accelerate the smooth functioning of the payments and transfers. The user can easily have an access to the account data for the verification procedure, smooth facilitation of the payments and transfers and to streamline the procedure of funding the new accounts. It also provides significant information about a financial account like type, routing, account numbers and balance so that it is a confirmed that the user is the owner of the account. So, authentication of numerous banks can be done within a few minutes, which helps to smoothen the facilitation of the payments and transfers in a secured manner. Safety will not be a hurdle.
  2. Get Connected- It is a tool which is very easy to use. It helps in the embodiment of account aggregation and authentication of bank in to the website and mobile application. It helps in the reduction of the integration of the application. There are some steps to guide you through:
  • Skim through the list of financial institutions.
  • Choose and click on the right institution to start the input of user credentials.
  • Enter the log in credentials to help Quovo, bring out the relevant information.
  • Clear the multi-factor authentication, which includes image recognition, security questions, real time PIN codes, CAPTCHAs and many more.

So, in this way, a person can easily link up with the account of his or her choice.

4. Advisor Data-  It is a single location for all the accounts. It is a quick and easy link to monitor the user’s head away assets. It is leveraged with internal technology team for the assurance of fitting various enterprises’ use cases starting from financial planning to client reporting. It is a very easy to reach support system.

Now the most important question arises in each and every person’s mind. What about the safety and security of the accounts? It is indeed one of the most important questions of all. There is no need to worry about it. Protection of all the credit reports and prevention of the access to new credit lines is the easiest way to address the situation. The credit freeze simply declines the request of the credit report which is coming from any new party. If there is a credit freeze which is activated in your account, then you will have to use a separate PIN to unfreeze it. The PIN will be delivered to you by the means of messaging service. The user must start a credit freeze for all the credit reporting companies.

Again, there is a question in every user’s mind. The question is that how does Quovo earn its profit or in a simple way, what is the profit of Quovo by providing such world class services at a click of the mouse. It is very simple to understand. Whenever a person creates an account, Quovo charges a very nominal fee. The fee is totally dependent on how big is the financial institution. After the complete registration process of the institution itself, now, the working professionals of that particular company comes to the picture. Each and every account of the working professional is chargeable. This charge is far less than the fee for the registration of the company. That’s very obvious. All the fees are inclusive of the service charges.

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