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 Forum de l'association French-Drift-Community • Consulter le sujet - All you need to know about the Account Aggregators System

All you need to know about the Account Aggregators System

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All you need to know about the Account Aggregators System

Message par Jayden » 04 Mai 2022, 15:55

On September 2, 2021, RBI launched the account aggregator system, the Account Aggregator (AA) network, a financial data exchange system that aims to revolutionize investment and credit, giving millions of consumer’s greater access and control over their financial records and expanding the potential pool of clients for lenders and fintech companies.

The account aggregator gives the individual control over their personal financial data aggregator, which otherwise remains siled.

What is an Account Aggregator (AA)?

An Account Aggregator (AA) is a type of RBI-regulated entity (with an NBFC-AA license) that helps a person securely and digitally access and share information from a financial institution in which they have an account with any another financial institution regulated in AA network. Data cannot be shared without the person's consent. There will be many account aggregators in India that a person can choose from. The account aggregator replaces the lengthy "blank check" acceptance terms and conditions form with granular, step-by-step permission and control for each use of your data.

Benefits for individuals

India's financial system means a lot of hassle for today's consumers: sharing signed and scanned physical copies of bank statements, rushing to certify or seal documents, or having to share personal username and password to give financial history to someone else. The account aggregator network would replace all of this with a simple, secure, mobile-based digital data sharing and access process. This will create opportunities for new types of services, e.g. new types of loans.

The individual's bank only needs to join the account aggregator's network. Eight banks have already done so: four are already sharing data based on consent (Axis, ICICI, HDFC and IndusInd Banks) and four will be able to do so shortly (State Bank of India, Kotak Mahindra Bank, IDFC First Bank and Federal Bank)

What kind of data can be shared?

Today, bank transaction data is available to share (for example, bank statements from a checking or savings account) between banks that have been activated on the network.

Gradually, the AA framework will make all financial aggregator data available to share, including tax data, pension data, securities data (mutual funds and brokerage), and insurance data will be available to consumers. It will also expand beyond the financial sector to enable telecommunications and health data to be accessible to the individual through AA.

What new services can a customer access if their bank has joined the AA data exchange network?

The two key services that will be improved for an individual are access to loans and access to money management. If a customer wants to get a personal or small business loan today, there are many documents that need to be shared with the lender. This is a cumbersome and manual process nowadays, which affects the time needed to obtain the loan and access a loan. Similarly, money management is difficult today because data is stored in many different places and cannot be easily brought together for analysis.

Through the Account Aggregator, a business can access secure, tamper-proof data quickly and affordably, and speed up the loan evaluation process so a customer can obtain a loan. In addition, a customer can access a loan without physical collateral by sharing reliable information about a future bill or cash flow directly from a government system such as GST or GeM.

How can a client register in an AA?

A customer can sign up with an AA through their app or website. AA will provide an identifier (such as username) that can be used during the consent process.

Today, four apps are available for download (Finvu, OneMoney, CAMS Finserv and NADL) with operating licenses to be AA. Three more have received RBI approval in principle (PhonePe, Yodlee and Perfios) and may be launching apps soon.

Can AAs see or 'add' personal data? Is the data exchange secure?

Account aggregators cannot see the data; they simply take you from one financial institution to another based on the direction and consent of an individual. Contrary to the name, they cannot "aggregate" your data. AAs are not like technology companies that aggregate your data and create detailed profiles of you.
Data shared by AAs is encrypted by the sender and can only be decrypted by the recipient. End-to-end encryption and the use of technology such as "digital signature" makes the process much more secure than sharing paper documents.
Jayden
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