Four private banks set to go live by July on account aggregator (AA) framework.
What are Account aggregators? And what does it mean to you?
The AA’s are entities which will help transfer your financial data from financial information providers (FIP - like your bank) to financial information user (FIU - like the lending company you want a loan from). You will need to provide your consent to the FIU before the FIU can get access to this data.
That’s where the Account Aggregator entity
comes in. The account aggregator will source data from multiple FIPs you are linked with and move your information via a consent-based mechanism to the FIUs you are dealing with.
With this framework in place you no longer have to physically provide hard copies of documents from various entities (FIPs), share your login details or visit multiple sites and download and gather information.