Account Aggregator
Account Aggregator
With the introduction of Account Aggregator customer can digitally access his financial documents & do away with hassles of sharing physical financial documents viz bank statements , Mutual fund statements , GST etc.
The Account Aggregator network has replaced all these with a simple & Safe, digital data access & sharing process wherein customer by following few easy steps can provide their consent to share their financial information digital and seamlessly.
What is an Account Aggregator?
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Account Aggregator (AA) is an RBI regulated entity
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AA facilitates sharing customer's financial data between financial service providers, with consent of the customer
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The terms and purpose of the data sharing are displayed to the customer prior to data sharing
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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
- You register with an AA through their app or website
- Choose the account or the accounts you want to link
- When you apply for a loan, the AA seeks consent to share information using an OTP
- You select from which account data should be shared and the period for which the data should be shared
- Once the bank receives your data, it does the appraisal and decides on your loan application
- You can revoke the consent anytime you choose
Key Benefits of Account Aggregator?
- Customer has authority to decide which data to be 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 whole system secure
- Given that the collection, consenting, collation and sharing of your data happens in real-time, the processing time has reduced 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
Frequently Asked Questions
Currently, there is no fees.
No, the customer only needs to register with one AA. You are, however, free to register with as many Account Aggregators depending on your need.
The customer data is not stored with AA. It continue to remain with your respective bank. The AA is a facilitator for sharing of data between banks with the use of technology.
Yes, AAs are RBI-approved and regulated entities.
Yes, you can exit the AA platform after joining.
Yes, you can revoke your consent for data sharing anytime that you want. Using the AA network, bank is only accessing your bank account statements, instantly, using digital technology. However, the bank will still check your credit score to know your creditworthiness.
