All you need to know about Account Aggregator system
The recently launched technology infrastructure account aggregator (AA), touted to be a game-changer for opening up access to financial data of individual and business customers, quickly saw eight major banks joining its network.
These included State Bank of India, ICICI Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, and Federal Bank.
The AA platform allows the collection of user data, with their consent, and shared among financial institutions. This will allow the institutions to build a better understanding of potential customers and tailor their services accordingly.
It also enables the free flow of data between banks and financial service providers. With improved access to data, the AA framework can potentially better meet pressing financial needs such as small-size loans for MSMEs and affordable micro-insurance.
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M Rajeshwar Rao
“In conjunction with other platforms like the Unified Payment Interface, Account Aggregator creates in India the most cutting-edge digital financial infrastructure in the world.”