In the dynamic world of personal finance, a term gaining prominence is "Account Aggregator" or AA. This article is your comprehensive guide, unraveling the intricacies of Account Aggregators and why they matter in the financial landscape.
Unveiling the Basics of Account Aggregator
Defining Account Aggregator (AA):
An Account Aggregator is not just a buzzword; it's a regulated entity licensed by the Reserve Bank of India (RBI). Serving as a secure bridge, it allows individuals to digitally share financial information across institutions within the AA network, with explicit consent.
Players in the Game:
Several Account Aggregators have entered the scene, each bringing unique offerings. Companies like Agya Technologies, CAMSFinServ, and Cookiejar Technologies (Finvu) have obtained Operating NBFC-AA Licenses. Additionally, those with In-Principle Approval, like Cygnet Account Aggregation and OMS Fintech Account Aggregator, await their turn.
Your Gateway to Financial Transformation
How AAs Improve Your Financial Life:
Account Aggregators aim to simplify financial dealings by replacing cumbersome processes with a secure digital data access and sharing mechanism. By joining the AA network, banks contribute to efficient lending and streamlined money management, translating to faster, more accessible loans for individuals.
Account Aggregator vs. Other Systems
AAs vs. Aadhaar eKYC, Credit Bureau Data Sharing, and CKYC:
Account Aggregators stand out by offering a broader spectrum. While Aadhaar eKYC and CKYC focus on identity data, and credit bureaus revolve around loan history and credit scores, AAs enable detailed transaction data and bank statement sharing.
The Scope of Shared Data
What Can You Share?:
Currently, the AA framework facilitates the sharing of banking transaction data. However, the roadmap includes a comprehensive array of financial data such as tax information, pension details, securities data, and even healthcare and telecom data.
Privacy and Security: Addressing Concerns
Ensuring Secure Data Sharing:
Privacy concerns are addressed through the principle of data custody. AAs act as intermediaries, facilitating secure, encrypted data transfer based on individual consent. End-to-end encryption and digital signatures enhance security, surpassing vulnerabilities associated with traditional document sharing.
The Power is in Your Hands
Consumer Control and Consent:
One of the significant advantages of the Account Aggregator system is empowering consumers. Registering with an AA is entirely voluntary, and individuals can choose which accounts to link and share data from. The consent-based model ensures consumers retain control over their data.
Navigating the AA Landscape
Registering and Exploring AAs:
Registering with an Account Aggregator is a straightforward process. Consumers can choose from various AA providers, each offering unique features. With apps like Finvu, OneMoney, CAMS Finserv, and NADL already operational, the landscape is expanding.
| Sr No | AA Company Name | Contact Person |
|---|---|---|
| 1 | Agya Technologies Private Limited | Nikhil Kumar contact@agya.co +91-98869-44331 |
| 2 | CAMSFinServ | Tejinder Singh tejinder.singh@camsonline.com +91-99672-32000 |
| 3 | Cookiejar Technologies Private Limited (Product titled Finvu) | Manoj Alandkar info@cookiejar.co.in +91-70306-08902 |
| 4 | CRIF Connect Private Limited | Kshitij Talwar +91-99104-06634 k.talwar@crif.com |
| 5 | Dashboard Account Aggregation Services Private Limited (Product titled Saafe) |
Vijayan Rajasekar vijayan@saafe.in +91-80560-50532 |
| 6 | Digio Internet Private Limited | Abhinav Parashar aa@digio.in +91-99459-58018 |
| 7 | FinSec AA Solutions Private Limited (Product titled OneMoney) | A Krishna Prasad kp@onemoney.in +91-90300-98999 |
| 8 | NESL Asset Data Limited (NADL) | Nirmal Sebastian nirmals@nadl.co.in +91-72590-20320 |
| 9 | Protean (formerly NSDL E-Governance Account Aggregator Limited) (Product titled Protean SurakshAA) | Ranjit Saraf ranjits@proteantech.in +91-9769155240 |
| 10 | Perfios Account Aggregation Services Pvt Ltd (Product titled Anumati) | Kantharaju H G kantharaju.hg@perfios-aa.com +91-94482-06567 |
| 11 | PhonePe Technology Services Private Limited | Vidhi Jain aa@phonepe.com |
| 12 | Tally Account Aggregator Services Private Limited (Product titled TallyEdge) | Debashish Raut debashish.raut@tallysolutions.com +91-99717-35959 |
| 13 | Unacores AA Solutions Private Limited (Product titled INK) | Ravi Doshi connect@ink-aa.com +91-98679-02913 |
| 14 | Yodlee Finsoft Private Limited | Anuj Rai anuj@yodleefinsoft.com +91-95383-13081 |
AAs with In-Principle Approval
Account Aggregators which have received In-Principle approval from RBI are listed below.
| Sr No | AA Company Name | Contact Person |
|---|---|---|
| 1 | Cygnet Account Aggregation Private Limited | Niraj Hutheesing niraj@cygnet-aa.com +91-98240-32919 |
| 2 | OMS Fintech Account Aggregator Private Limited | Nitin Sawant nitin.sawant@omsaa.com +91-91453-54545 |
| 3 | PB Financial Account Aggregator Private Limited | TBA |
The Price of Convenience
To Pay or Not to Pay:
The pricing model for Account Aggregators may vary. Some AAs might offer their services for free, generating revenue through service fees charged to financial institutions. Others might implement a user fee structure.
Accessing New Horizons: Services Amplified by AAs
A Glimpse into the Future:
The true power of Account Aggregators lies in the services they unlock for consumers. Access to loans and money management takes center stage. The traditional loan application process undergoes a transformation, providing consumers with quicker access to financial solutions.
Account Aggregators List and Conclusion
Account Aggregators List:
Several AAs have obtained Operating Licenses, including Agya Technologies, CAMSFinServ, and Cookiejar Technologies (Finvu). Those with In-Principle Approval include Cygnet Account Aggregation and OMS Fintech Account Aggregator.
Conclusion: Empowering the Financial Journey:
Account Aggregators represent a significant shift in how individuals interact with and control their financial data. From empowering consumers with data control to revolutionizing lending and money management, AAs redefine the way you navigate the financial landscape.
Embrace the change, explore the possibilities, and let Account Aggregators redefine the way you navigate the financial landscape.