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Get access to your customer financial data with Account Aggregator (AA) ecosystem

In the world of rapidly evolving and adapting BFSI sector, cutting-edge technologies and the disruption introduced by on-demand aggregators, marketplaces and Open APIs has brought about a shift in consumer expectations of speed, safety, security and convenience. These changing customer expectations and data needs have led to the emergence of Account Aggregation (AA) ecosystem wherein business and individuals can collect, collate and share customer financial data.

And further enables financial entities (banks, insurance, NBFC, small finance bank, payments banks) to gain strategic benefits like faster business turnarounds, cost efficiencies, lower infrastructure costs/credit costs, and provide personalized experience to customers.

Do you want to be a part of this robust ecosystem? We can help

We can help you to get on AA ecosystem with -

NSEIT has always been a front runner when it comes to provide technology and consultation and we have a deep and proven capabilities across regulatory and technical domain. This can definitely help FIPs and FIUs leverage the shift in the data-sharing paradigm in the space of lending, credits, insurance policies, mutual funds and wealth management.

FAQs -

Account aggregation or Financial data aggregation involves the collection, assembly and synthesis of information from multiple accounts, such as loan/credit accounts, savings and current accounts, credit cards and investment accounts (including mutual funds, demat accounts, brokerage accounts) government accounts such as public provident fund and income tax returns data; and supplementary business or consumer accounts such as those of e-commerce, food or mobility aggregators in a single place. The data collection, collation and sharing are enabled through open application programming interface (API) connections.
These are the institutions having customer financial data and can share it to FIU or customer through Account Aggregators (AA). Ex – Banks, NBFC, Mutual Fund depository, Insurance Repository etc.
The RBI approved a new class of NBFCs in 2016 to act as Account Aggregators. The main responsibilities of the account aggregator are to provide services based on the explicit consent of individual clients. This primarily includes transfer, but not storing, of a client’s data. Currently there are 6 AA’s in India.
  • CAMSFinServ
  • Cookiejar Technologies Pvt Ltd.(Product titled Finvu)
  • FinSec AA Solution Pvt. Ltd.(Product titled OneMoney)
  • NSEL Asset Data Ltd.
  • Perifos Account Aggregation Services
  • Yodlee Finsoft Pvt. Ltd.
FIU stands for “Financial Information User’. An FIU consumes the data from an FIP to provide various services to the end consumer. For e.g. a lending Bank wants access to the borrower’s data to determine if a borrower qualifies for a loan. The lending Bank is the FIU. Banks play a dual role – both as an FIP and an FIU. Ex – Lending firms, personal finance, wealth management companies
Without the AA framework and the construct, there is no mechanism available for end users to provide data securely to different entities. Several mechanisms such as Sharing account credentials with third party apps, Providing hard copies of data, Forwarding information through emails etc are used today to share data. Each of these mechanisms result in friction in acquiring data securely and can result in data leakage, compromising data privacy. The AA framework facilitates consented sharing of information in real-time and eliminates the above issues while ensuring data privacy.
Currently only asset based data is available (bank accounts, deposits, mutual funds, insurance policies, pension funds). Other data types are likely to be added over time.
Interested in joining this great platform? Have questions? Have suggestions? Contact us by just filling the contact us form and we’ll help you with your queries.

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