Meniga launches new Aggregation Hub

A new aggregation hub will be launched this summer. This will be a major milestone for us and our customers. Since Meniga´s founding in…

Since Meniga´s founding in 2009, the consolidation and aggregation of banking and transactional data has been central to our development and innovation. The new Meniga Aggregation Hub helps banks to both comply with and capitalize on PSD2 regulation.

It provides a future proof platform for the evolving need for data aggregation and payment services. Want to enable users to see data from social media or FitBit step count in your online banking app? We’re already preparing for that future.

Foundation of banking innovation

Meniga works with 70 banks with some 65 million digital users. Our market leading Aggregation Hub plays a central role in the aggregation and consolidation of data from financial institutions, bank accounts and transactions, directly as well as through trusted aggregation partners around the globe.

The Meniga Aggregation Hub in a nutshell

Key functionality of the new Meniga Aggregation Hub is the initiation of payments and the aggregation of data from other banks. The Aggregation Hub is designed to manage the complexity introduced by interacting with multiple data sources by introducing a single API to connect with providers, import their offered data, initiate payments, create, authorize and store consents as well as credentials when needed.

One stop shop for data aggregation and payment initiation

The Meniga Aggregation Hub is an aggregation service that integrates with multiple Aggregation partners and PSD2 data sources. It provides banks with a single API for financial data aggregation and payment initiation. The aggregated data may be seamlessly stored, enriched and worked with through the Meniga Digital Banking Platform and its powerful REST API, offering diverse PFM services. Being designed as independent micro services, the Aggregation Hub can also be used independently of other Meniga products, if needed.

Why is the Aggregation Hub so important?

The foundational role of consolidation and aggregation was emphasized in our new product vision at our Fin42 conference which took place last November.

Figure 1: Meniga´s product platform

Future proof solution for banking integration

The Meniga Aggregation Hub is designed to be a future proof solution for banks that want to integrate 3rd party data and services into their product offering under the consent of their end users. The API currently supports account aggregation and payment initiation, and other data types and services will be added in the future.

Host the hub on-premise or in the cloud

The Meniga Aggregation Hub is implemented as a set of micro services leveraging state-of-the-art container technology which facilitates installing on-premise or as a cloud-based SaaS offering that provides a single API for initiating payments and aggregating data from different data providers. The service gets data from financial institutions and other sources by using either standard interfaces as specified by PSD2 or by using Aggregation partners that use methods like screen scraping/credential-sharing or reverse-engineering of non-standard APIs to aggregate data.

Simplifying aggregation and consolidation

The Meniga Aggregation Hub reduces significantly the complexity for banks and other parties which want to offer their customers aggregated financial data and payment initiation. The bank authenticates the end user and delegates API calls to the Aggregation Hub’s API. The Aggregation Hub sets up connections to different aggregation providers on behalf of the end user who will just need to authorize the access being granted.

Holistic view of all cards & accounts
Meniga recently acquired Swedish based Wrapp and launched the largest transaction-driven rewards platform in the Nordics

Fraud system integration

All relevant operations within the Aggregation Hub result in audit events that are e.g. intended for processing by anti-fraud systems.

Billing data collection

Meniga Aggregation Hub collects information about initiated payments, consents, data volumes and other information that might be relevant for billing purposes.

Data quality monitoring

Meniga Aggregation Hub is connected to monitoring tools that automatically detect anomalies in the data. Anomalies are flagged and reported to a support team under different circumstances.

SLA management with Aggregation partners

On case by case basis Meniga commits on a single service level that is on par with or better than what is promised by the Aggregation partners. The bank only needs to have a single Service Level Agreement (SLA) with Meniga but Meniga takes care of contracts with the Aggregation partners and holds them accountable for their SLAs through active and automatic monitoring of their account aggregation service.

Single Provider Registry

The Meniga Aggregation Hub holds a registry of Providers supported by all the Aggregation partners. Each bank which uses the Meniga Aggregation Hub can choose which Providers should be available to their end users.

How to try the new Meniga aggregation hub

Banks can now connect to our APIs and test the functionality of our new aggregation hub. If you need any further information please don´t hesitate to contact me.

For more information, visit