Enabling Account Aggregator Ecosystem
Paperless consent driven Access to Borrower’s Financial Data

Account Aggregator, What is it?

Account Aggregator is a type of RBI regulated entity (with an NBFC-AA license) that helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the AA network. Data cannot be shared without the consent of the individual.

How account aggregation is changing the Personal Finance experience in India.

Account aggregators help customers to keep their accounts in order by keeping track of all the financial data (encrypted and secure). Account Aggregators consolidate spending data from multiple sources into one convenient place with just a few clicks. Imagine how hard life would be if you had to log in to every single site where you have an account and check your balance individually. It would take hours! That’s why account aggregators exist – they help to organize things so that logging into each individual site isn’t necessary. Customers can easily view everything at once through a convenient dashboard through a Personal Finance Management lense.

CART Account Aggregator Loan Image
How account aggregation is changing the lending experience in India.

The context to launch the AA framework is to make the customer data available for banks and financial institutions, insurance companies, and government entities which currently are scattered and will be valuable if integrated and made accessible seamlessly.


    Like Us On Social Media!

    To enable secured and seamless data sharing with the lending institutions, licensed account aggregators are permitted to collate customers’ financial information like bank statements, tax returns, GST returns, stamped documents from notaries and facilitate secure exchange. The launch of the AA framework will speed up the paperless journey and reduce the price of lending and wealth management for people.

    To enable data sharing within the Account Aggregator Ecosystem, there are 5 main participants:
    • Financial Information Providers (FIP) –

    Financial Institutions that hold the customer data and function as main of user data. They are the banks, mutual funds, pension funds, etc. that represent the ‘source’ of non-public or business data which FIUs can access via requests through an Account Aggregator.

    • Financial Information Users (FIU) – 

    Financial Institutions that request the customer data like banks, lending agencies, NBFCs, etc. can receive data digitally signed from Financial Information Providers (FIPs). FIUs uses the info for purposes declared within the data-sharing agreement.

    • Account Aggregators (AA) – 

    Account Aggregators are RBI licensed institutions that collaborate with FIUs and FIPs to deliver AA products and services.

    • Certification Agencies – 

    Sahamati has empanelled independent certifiers to provide technical guarantees of compliance with ReBIT standards.

    • Technical Service Providers (TSP’s) – 

    TSPs are the enablers of the complete Account Aggregator Ecosystem and act as a single SPOC and collaborate and FIUs, FIPs, AAs and certification agencies to provide AA products and services.

    CART - Account Aggregator Work Flow

    Account Aggregator  Ecosystem Workflow
    How exactly do account aggregators work?

    Let’s take CART as an app-enabled by a registered Financial entity that allows users to apply for a loan. The underwriting process is fueled by accessing financial account details such as bank statements from the end borrower. After signing up with the app, borrowers are asked to provide CART with details of their bank statements.

    Select Account Aggregator

    Users can connect to the regulated Account Aggregator of choice to share bank account statements, or they can opt to upload PDF versions of those statements.

    Once the user selects the Account Aggregator as the option, a valid authentication mechanism is used in order to gain access to all of the associated bank accounts.

    After getting verified, an automatic account discovery via mobile number initiates which populates all the accounts linked with the mobile no. Borrowers then have an option to select specific accounts that they want to link through the selected AA through n OTP verification from the selected home bank. Post linking, the process of consent is initiated.

    Account Aggregator Select Bank Account and OTP

    A Regulated Account Aggregator opening a Consent Request will reveal in detail the type and details of customers’ personal data that the financial institution is seeking. It will also indicate how long the financial institution is asking for access to customers’ information, consent data, frequency and what the user is sharing.

    Account Aggregator Consent and Approval

    As soon as the consent has been granted successfully, CART can now access borrowers’ data and set up automatic eligibility calculations for the loan and other more attractive options available to them in the background for a quick and paperless journey

    Account Aggregator Loan offer

    A user can not only give consent for sharing data but also track previous consents and revise them as needed on the Account Aggregator app.

    Why should we adopt Account Aggregator Ecosystem and how can CART help?

    Banking is not what it used to be. Account Aggregator is here to change that. CART provides Account Aggregator services, which is an innovative way to access banking information digitally and securely. With CART, you can easily link your banking accounts and grant consent for data sharing through an AA in the background in the safest and most secure way possible. End users in the ecosystem can be individuals or businesses that are willing to share their information for the purpose of using a financial service or product. In just a few simple steps, CART allows you to completely move away from the hassle of Physical Documents.

    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.