Account Aggregator – An Introduction
Account Aggregator is a UNIFIED, REALTIME, CONNECTED NETWORK
The Account Aggregator will facilitate consent-based sharing of financial information, in real-time
Domain Overview
Benefits
SMALL BUSINESS OWNERS CAN USE THEIR DATA TO GET CREDIT
With the new AA,
Mohan can demand
- His GST returns
- His Bank account data
- His Home Loan repayment record
be shared with NBFC Thus, creating a richer digital footprint, and securing a loan.
LENDERS CAN IMPROVE ASSET QUANTITY AND QUALITY
With the new AA,
Mohan’s lender can view his data
- Of confirmed provenance
- At a low-cost
- In real-time
Further, they can better monitor cash flows and anticipate default before it happens!
The benefits of AA ecosystem
- No need to visit a branch or office of any FI providing financial products or advisory
- No need to upload PDF or scanned statements
- No need to share or provide net banking or online portal credentials
- Consent based data sharing offers complete control to customers on what and how much data they share with whom and for what purpose
- Complete audit trail ensures prevention of data leaks and data misuse
- 100% safe and secure
- Eliminates friction in acquiring data
- Homogenized data for a financial asset class irrespective of the financial institution from which it is fetched
- A machine-readable format which can be easily consumed by applications enabling seamless processing
- Real-time data fetch which reduces overall turnaround time
- Eliminates overheads and costs of delivering data through printouts or occupying server resources for online banking
- Secure and seamless delivery of data based on authentic customer consent which avoids disputes and potential frauds
- Avoids illegal and risky processes like third party apps having login credentials of customers
- Customer satisfaction due to convenient and on tap availability of information for their benefit
Checkout some sample use cases here.
