{"id":345994,"date":"2025-09-09T17:43:03","date_gmt":"2025-09-09T12:13:03","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=345994"},"modified":"2025-09-09T17:43:03","modified_gmt":"2025-09-09T12:13:03","slug":"account-aggregator","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/account-aggregator\/","title":{"rendered":"Account Aggregator"},"content":{"rendered":"<p><strong>News<\/strong><strong>: <\/strong>The government announced that 11 crore users had linked financial information as of September 5, 2025, enabling secure, consent-based data sharing across institutions.<\/p>\n<h2>About Account Aggregator<\/h2>\n<ul>\n<li>An Account Aggregator (AA) is an RBI-regulated NBFC-AA.<\/li>\n<li>It enables secure, real-time, consent-based sharing of financial information between institutions.<\/li>\n<li>It acts as an intermediary between Financial Information Providers (FIPs) and Financial Information Users (FIUs).<\/li>\n<li>AAs do not store or process data; they facilitate encrypted transfer based on a consent layer.<\/li>\n<li>Users can choose among multiple AAs. Examples include CAMS FinServ and PhonePe AA.<\/li>\n<\/ul>\n<p><strong>How it work?<\/strong><\/p>\n<ul>\n<li>Users link their bank accounts to an AA.<\/li>\n<li>They give granular consent to share specific data with an FIU (e.g., a lender or wealth manager).<\/li>\n<li>The AA fetches the requested data from the relevant FIP (e.g., a bank) and securely delivers it to the FIU.<\/li>\n<li>Registration is voluntary. Users select which accounts to link, can reject requests, and can revoke ongoing consents at any time. The access duration is shown at the time of consent.<\/li>\n<li>One AA registration works across banks on the network. Apps (e.g., Finvu, OneMoney, CAMS Finserv, NADL) are available; some AAs may charge users, others may charge institutions.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>How is Account Aggregator different to Aadhaar eKYC data sharing, credit bureau data sharing, and platforms like CKYC? <\/strong><\/p>\n<ul>\n<li>Aadhaar eKYC and CKYC only allow sharing of four \u2018identity\u2019 data fields for KYC purposes (eg name, address, gender, etc).<\/li>\n<li>Similarly, credit bureau data only shows loan history and\/or a credit score.<\/li>\n<li>The Account Aggregator network allows sharing of transaction data or bank statements from savings\/deposit\/current accounts.<\/li>\n<\/ul>\n<p><strong>Significance of Account Aggregator<\/strong><\/p>\n<ul>\n<li>Replaces physical, notarised, or password-based data sharing with a simple, mobile, consent-driven process.<\/li>\n<li>End-to-end encryption and digital signatures secure data; AAs cannot view or aggregate personal data.<\/li>\n<li>Improves access to loans by providing tamper-proof data quickly and cheaply, speeding evaluation.<\/li>\n<li>Enhances money management by enabling secure consolidation of data stored across locations.<\/li>\n<li>May enable loans without physical collateral by sharing trusted information (e.g., GST or GeM cash flows).<\/li>\n<\/ul>\n<p><strong>Stakeholders and Adoption<\/strong><\/p>\n<ul>\n<li><strong>FIPs:<\/strong> Banks, mutual funds, insurers, etc.<\/li>\n<li><strong>FIUs:<\/strong> Lenders, wealth managers, insurers, etc.<\/li>\n<li><strong>AAs:<\/strong> Licensed entities that route encrypted data.<\/li>\n<li>112 institutions operate as both FIPs and FIUs; 56 are only FIPs; 410 are only FIUs, showcasing wider adoption across the financial spectrum.<\/li>\n<\/ul>\n<p><strong>Unified Consent Infrastructure (DPDP Act)<\/strong><\/p>\n<ul>\n<li>The DPDP Act, 2023 introduces Consent Managers (CMs) for consent collection, withdrawal, lifecycle management, and secure sharing.<\/li>\n<li>Aligning AA and CM frameworks avoids duplication, increases efficiency, promotes innovation, and strengthens Digital Public Infrastructure.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>News: The government announced that 11 crore users had linked financial information as of September 5, 2025, enabling secure, consent-based data sharing across institutions. About Account Aggregator An Account Aggregator (AA) is an RBI-regulated NBFC-AA. It enables secure, real-time, consent-based sharing of financial information between institutions. It acts as an intermediary between Financial Information Providers&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/account-aggregator\/\">Continue reading <span class=\"screen-reader-text\">Account Aggregator<\/span><\/a><\/p>\n","protected":false},"author":10393,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,12039],"tags":[11872],"class_list":["post-345994","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-knolls","tag-9pm-daily-factly","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/345994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10393"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=345994"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/345994\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=345994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=345994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=345994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}