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All you need to know about the Account Aggregators System launched by the RBI

On September 2, 2021, RBI launched the account aggregator system, the Account Aggregator (AA) network, a financial data exchange system that aims to revolutionize investing and credit, giving millions of consumers greater access. and control over your financial records and expanding the potential pool of clients for lenders and fintech companies.<br>Account Aggregator allows the person to have control over their personal financial data, which would otherwise remain in silos.<br>

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All you need to know about the Account Aggregators System launched by the RBI

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  1. All you need to know about the Account Aggregators System launched by the RBI

  2. On September 2, 2021, RBI launched the account aggregator system, the Account Aggregator (AA) network, a financial data exchange system that aims to revolutionize investing and credit, giving millions of consumers greater access. and control over your financial records and expanding the potential pool of clients for lenders and fintech companies. • Account Aggregator allows the person to have control over their personal financial data, which would otherwise remain in silos.

  3. What are account aggregators (AA)? • An account aggregator (AA) is a type of entity regulated by RBI (with an NBFC-AA license) that helps a person to securely and digitally access and share information from a financial institution with which they have an account with any another regulated financial institution in AA the network. The data cannot be shared without the consent of the person. There will be many account aggregators that a person can choose from. Bank Account Aggregator replaces the "blank check" acceptance long terms and conditions form with detailed step-by-step permission and control for each use of your data.

  4. What are account aggregators (AA)? • An account aggregator (AA) is a type of entity regulated by RBI (with an NBFC-AA license) that helps a person to securely and digitally access and share information from a financial institution with which they have an account with any another regulated financial institution in AA the network. The data cannot be shared without the consent of the person. There will be many account aggregators that a person can choose from. Bank Account Aggregator replaces the "blank check" acceptance long terms and conditions form with detailed step-by-step permission and control for each use of your data.

  5. What are account aggregators (AA)? • An account aggregator (AA) is a type of entity regulated by RBI (with an NBFC-AA license) that helps a person to securely and digitally access and share information from a financial institution with which they have an account with any another regulated financial institution in AA the network. The data cannot be shared without the consent of the person. There will be many account aggregators that a person can choose from. Bank Account Aggregator replaces the "blank check" acceptance long terms and conditions form with detailed step-by-step permission and control for each use of your data.

  6. What kind of data can be shared? • Today, bank transaction data is available to be shared (for example, bank statements from a checking or savings account) between banks that have been activated on the network. • Gradually, the AA framework will make all financial data available for sharing, including tax data, pension data, securities data (mutual funds and brokerage), and insurance data will be available to consumers. It will also expand beyond the financial sector to allow health and telecommunications data to be accessible to the individual through AA.

  7. What new services can a customer access if his bank has joined the AA data exchange network? • The two key services that will be improved for a person are access to loans and access to money management. If a client wants to obtain a personal or small business loan today, there are many documents that they must share with the lender. This is a manual and cumbersome process today, affecting the time required to obtain the loan and access to a loan. Similarly, money management is difficult today because data is stored in many different locations and cannot be easily gathered for analysis. • Through Account Aggregator, a business can access secure, tamper-proof data quickly and inexpensively, and quickly track the loan evaluation process so that a customer can obtain a loan. In addition, a client can access a loan without physical collateral, by sharing reliable information on a future invoice or cash flow directly from a government system such as GST or GeM.

  8. How can a client register with an AA? • A customer can register with an AA through their app or website. AA will provide an identifier (such as username) that can be used during the consent process. • Currently, there are four applications available for download (Finvu, OneMoney, CAMS Finserv and NADL) with operational licenses to be AA. Three more have received account aggregator RBI approval in principle (PhonePe, Yodlee and Perfios) and applications may soon be released.

  9. Can AAs see or "add" personal data? Is the data exchange safe? • Account aggregators cannot see the data; they simply take it from one financial institution to another based on the direction and consent of a person. Contrary to the name, they cannot "add" their data. AAs are not like tech companies that aggregate your data and create detailed profiles of you. • Data shared by AAs is encrypted by the sender and can only be decrypted by the recipient. End-to-end encryption and the use of technology such as "digital signature" makes the process much more secure than sharing paper documents.

  10. About Us • Licensed by RBI, the CAMSfinserv platform enables rapid, secure and consent-based sharing of financial asset information. This revolutionary concept is designed to benefit three key stakeholders viz. customers, financial institutions and businesses making reliable and machine-readable data available from the source to the recipient. CAMSfinserv platform brings high standards in data integrity and security to help unlock the value of financial asset information. • Website - https://www.camsfinserv.com/

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