Crucial Things to Know about Account Aggregator Network

The RBI-licensed Account Aggregator (AA) enables individuals to control their unique financial information, which will otherwise stay in the repository. AA is an entity held by RBI that allows a person to safely and digitally share details from a financial organization they have an account with to any other standardized financial company in the AA network.


List of Account Aggregators in India with Client-Facing Apps


1. Anumati-

First on the list of account aggregators in India is Anumati. No one can access your data without your permission. It cannot see and store your information. It runs on both web and Android apps.  

2. CAMS (Cams Finserv)-

You can download CAMS mobile app and sign up for the web app. Authorized by RBI, the CAMS finserv platform allows quick, safe and compliance-based allocation of financial asset data.  

3. NADL-

NADL, or NeSL Asset Data Limited, has been provided with the registration certificate by RBI to give the services of an AA appropriately recovering or gathering, compiling, arranging and highlighting financial data. You can download the web app, Android and ios app to access services of NADL.  

4. FinVu-

Finvu Account Aggregator is an RBI-approved NBFC Aggregator in India. It offers a platform that allows the safe allocation of credible data between financial organizations. It has both web and Android app accessible for its users.  

5. OneMoney-

This aggregator empowers citizens with consent over their financial information. Allowing financial organizations to securely share and obtain customers' data. It has a web and Android app for users. 

 

How Does an Account Aggregator Network Enhance a Normal Person’s Financial Life?

 

Today, the financial system of India includes different problems for customers– allocating physically signed and scrutinized copies of bank statements, running all over to get documents stamped, or having to distribute personal user id and passwords to provide the history of financial events to a 3rd party. The AA network will change all this with an easy mobile-based and safe online data access and allocation procedure. This will develop chances for new services, for example, new loans.


Is AA Different from Data Sharing on Aadhaar eKYC, Credit Bureau, and Interfaces Like CKYC?


Aadhaar eKYC and CKYC let the allocation of 4 identity data fields just for doing KYC. Likewise, credit bureau data only represent credit score and loan history. The AA network allows the distribution of transaction details or bank information from savings, deposits, and current accounts.


Conclusion


The AA framework will make all financial information accessible for sharing, involving tax information, pension details, securities information, and insurance details, accessible to customers. It will also go beyond the financial segment to make telecommunications and healthcare data accessible to the person through AA. So, go through the above list of Account Aggregators in India and choose the best as per your need. 

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