Key Takeaways
- AAs are RBI-regulated entities enabling consent-based financial data sharing.
- Lenders use AA data for faster, more accurate underwriting.
- Integration is done as a Financial Information User (FIU) through an AA or technical service provider.
Instead of uploading PDF bank statements, users can share data digitally with explicit consent through the Account Aggregator (AA) network.
Key roles
| Role | Example |
|---|---|
| FIP (provider) | Banks, mutual funds, insurers |
| FIU (user) | Lenders, wealth platforms |
| AA | Consent manager |
Use cases
- Loan underwriting
- Personal finance management
- Wealth advisory
- Insurance underwriting
Integration steps
- Determine eligibility as FIU
- Choose an AA or TSP partner
- Implement consent flows
- Process and analyse financial data
- Secure storage and deletion as per consent
See lending software.
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Frequently Asked Questions
What is an Account Aggregator?
An RBI-regulated entity that enables consent-based sharing of financial data between institutions.
Is AA data secure?
Data is shared with user consent and encryption; AAs cannot read the data themselves.
Who can use AA data?
Regulated financial information users, as per framework rules.
How does AA help lending?
It gives lenders verified financial data quickly, improving underwriting.
