Account Aggregator Framework – The Next Big Thing

The account aggregator framework, an information-sharing ecosystem not only eases the accessibility of information but also will empower individuals with control over their personal financial data.

This cutting-edge addition to India`s Banking and financial virtual infrastructure is anticipated to increase the pool of prospects for creditors and fintech organizations through democratizing access to information. And, even as underwriters could get entry to a richer set of information, debtors might be provided with extra appealing borrowing options.

Under the brand new framework, numerous fintech entities were granted the license to function as Account Aggregators. Primary Indian banks have additionally gone live in the ecosystem and are ready to share information with Financial Information Users via an Account Aggregators.

What is Account Aggregator (AA) framework?

The Account Aggregator framework simply is financial management and data-sharing system introduced by the Reserve Bank of India, Aggregating a customer’s financial information at one point and facilitating the consented flow of information between regulated entities, banks and NBFCs.

The businesses of Account Aggregator will be entirely Information Technology (IT) driven and the technology is scalable to cover any other financial assets or financial service providers as may be identified by banks in the future. Also, the framework has adequate safeguards built in its ecosystem to ensure its protection and security at a customer as well as Data safeguarding level.

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    The new lending experience with AA and how it is controlling the lending scams?

    The idea of implementing the AA framework is that the customer data available in the databases of banks, financial institutions, insurance companies and government agencies is currently decentralized and worthwhile if it can be integrated and seamlessly accessed. To enable secure and seamless data exchange with credit institutions, authorized Account Aggregators can provide customer financial information such as bank statements, tax returns, GST returns, etc. Adopting the AA framework speeds up the process and reduces the cost of lending and asset management for people and hence thereby reduces the chances of lending scams to a great extent as well.

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    C.A.R.T – Account Aggregator Framework

    Credit Assessment and Robotic Transformation (CART) is a tool that uses advanced analytics combined with the power of artificial intelligence (AI) and machine learning (ML) to solve problems and help with Document Digitization and Assessment Automation. It helps in credit underwriting and financial assessment, reducing turn-around-time (TAT) and operational costs and is also an effective and more accurate assessment. With the help of C.A.R.T bank aggregation becomes easy and reliable.

    C.A.R.T – Enabling the Account Aggregator Ecosystem helps in Fast onboarding of the customers and also in quick fraud detection. C.A.R.T acts as a Technical Service Provider ( TSP) in the ecosystem where they act as a single point of Contact for all Integrations, Commercials discussions and negotiations, Contracting, Billing, Support and all other things related to the AA ecosystem. A single one stop Shop for AA + FIU + FIP + Certification + Analytics is what you get. The key features of CART that can benefit the Banking and the Financial Sector are:

    • In-Built Advanced Analytics based Insights – 

    C.A.R.T made it possible for businesses to watch every cent, monitoring your customers’ activity will help you keep them safe from fraud. If there’s an anomaly in any part of their transaction history or spending habits with the help of Artificial Intelligence (AI) and Machine Learning (ML) it can be detected.

    • Single Point of Contact for All Technological and Functional Enablement – 

    C.A.R.T acts as a Single Point of Contact for all Integrations, Commercials discussions and negotiations with all AAs, providing FIU and FIP module and enabling with the complete end to end certification process and building Analytics on top of it for a single One Stop Solution.

    • Fraud detection system – 

    In order to keep your financial information safe, it’s critical to be vigilant about security and take a data-driven approach to fraud detection. CART’s fraud detection is simple and cost-effective in cases where Documents are uploaded for Income Assessment. Advance CNN-based Algorithms are coupled with Image Analytics to move ahead from other peers for better Fraud detection and reduction in False positives.

    • Commercial benefits – 

    C.A.R.T enables aggressive commercials as part of being a prime Partner to all other entities in the ecosystem which turns out to be the best proposition for the Bank/NBFC looking to streamline processes and reduce the cost of operations.

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    About us –

    Novel Patterns acts as Technology Enablers for Banks and Financial with cost-effective and technologically advanced solutions. We make use of Artificial Intelligence (AI) and Machine Learning (ML) Algorithms for automating credit & financial assessment & fraud detection in the banking and financial lifecycle.

    As digital enablers of the Account Aggregator Ecosystem, CART is like having a financial assistant manage all aspects of income verification, credit monitoring and finances management for your clients. Reach out to us to learn more about how we can help you.