Account Aggregator

Account Aggregator

With the introduction of Account Aggregator, the customer can digitally access his financial documents & do away with the hassles of sharing physical financial documents viz bank statements, Mutual fund statements, GST etc.

What is an Account Aggregator?

• Account Aggregator (AA) is an RBI regulated entity

• AA facilitates sharing customer's financial data between financial service providers, with consent of the customer

• The terms and purpose of the data sharing are displayed to the customer prior to data sharing

• The entire process of data sharing is digital and takes place in near real-time

How does the AA network work?

The following will help you gain a better understanding of how AA works

• Register with an AA through their app or website
• Choose the bank account or the accounts you want to link
• You will be shown the period for which the data should be shared & your consent is taken to share the information
• Once the bank receives your data (with your consent), it does the appraisal and decides on your loan application

Key Benefits of Account Aggregator?

• Customer has authority to decide which data to share, with whom to share and how long to share
• The end-to-end process is digital, safe & instant
• No storing of customer information with AA, thereby making the whole system secure
• Improved Turn-around-time (TAT) - As the data is shared digitally in secured manner, it reduces the processing time of your application significantly

Terms of Use as an AA ecosystem participant:

As an FIP

• To share financial information strictly upon receiving consent from the customer

As an FIU

• To ensure that any data received from FIPs through an AA is only used for purpose mentioned to the customer while taking their consent

Customer

• To review the details of all requests that they get from FIU’s
• Customers can choose which accounts they want to link, and share their data at the time of giving ‘consent’ via one of the AA
• Only provide their consent after having fully verified the details
• Notify the AA immediately upon becoming aware of unauthorized access or usage of their accounts, if any