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Account Aggregator:
Account Aggregators (AAs) are entities regulated by RBI that enable individuals to share their financial data digitally with various financial institution service providers. This facilitates easier access to loans, insurance, and other financial products.
Key Entities in the AA Ecosystem:
1. Financial Information Providers (FIPs): These are entities that hold your financial data, typically banks, or NBFCs. They share this information with Financial Information Users (FIUs) via requests through an Account Aggregator.
2. Account Aggregators (AAs): AAs are entities that deliver data with your consent. Account Aggregators (AAs) are NBFCs, licensed by the RBI, that act like a bridge. They digitally access and deliver individuals’ personal or corporate financial data from Financial Information Providers (FIPs) to Financial Information Users (FIUs), which provide financial services to those individuals.
3. Financial Information Users (FIUs): These entities provide financial services like loans or insurance. They receive digitally signed data from Financial Information Providers (FIPs) via Account Aggregators.
Important Notes:
- Data cannot be without the individual’s consent.
- Account Aggregators do not store any customer data; they only transfer data from FIPs to FIUs.
- All financial data is encrypted during transfer through AAs.
- Individuals can grant or revoke consent to share their data at any time.
How the AAs Network Works:
- Individuals register with an AA through their app or website
- You select the accounts you want to link
- When applying for financial products like loans or insurance, the AA seeks your consent to share your information via an OTP
- You can choose which account data to share and for what time period
- Once the bank or NBFC receives your data, it appraises your application and makes a decision
Benefits of AAs:
- Customers have full control of their data, deciding what to share, for how long, and with whom. They can revoke access anytime.
- The entire process is instant, digital, and secure.
- AAs do not store any data, and all shared data is encrypted.
- It eliminates the need for physical account statements when applying for loans or insurance, as banks or NBFCs can access your account data directly.
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