India’s Account Aggregator (AA) framework has evolved from an initiative to enable consent-based financial data sharing into one of the country’s largest Open Finance networks. The priority now is to make this infrastructure more interoperable, sustainable and accessible, while deepening its value for individuals and businesses.
At SamvAAd 2026, BG Mahesh, CEO, Sahamati reflects on the progress of the ecosystem and the priorities that will shape its next phase. The opportunity is no longer just to connect more institutions or facilitate more data exchanges. It is to translate this infrastructure into meaningful financial outcomes.
Seven priorities will be central to this next phase.
1. Building a sustainable economic model
A digital infrastructure can only grow if its participants have a viable operating model. The AA ecosystem’s economic model, effective from 1 November 2026, is an important step towards more equitable compensation for the institutions contributing to data sharing, while keeping the framework accessible to customers.
It recognises that the long-term health of the network depends on Account Aggregators, Financial Information Providers and Financial Information Users being able to participate sustainably. The objective is to align incentives across the ecosystem without compromising the central principle of customer consent.
2. Advancing interoperability
Interoperability will be critical to the next phase of growth. The Reserve Bank of India’s announcement on AA interoperability and the subsequent release of technical specifications are significant developments.
Greater interoperability can reduce friction, improve consistency in customer experiences and create a more level playing field for participants, including smaller institutions. The value of a shared infrastructure lies in its ability to connect institutions seamlessly.
3. Scaling AA-enabled lending
Lending remains one of the strongest use cases for Account Aggregator. In the second half of FY26, AA-enabled lending facilitated approximately ₹35,000 crore in monthly disbursements. Our ambition is to grow this fivefold over the next two years.
Consent-based access to financial information can help lenders build a more comprehensive view of borrowers, including individuals and small businesses with limited credit histories or conventional documentation. For an MSME, cash-flow information can provide valuable insight into its ability to repay, helping widen access to formal credit.
The goal must be to extend the benefits of formal finance across geographies and segments, rather than deepen adoption only among those already well served.
4. Expanding adoption beyond lending
The opportunity extends beyond lending. In insurance, AA can support better product suitability and premium financing. In securities and wealth management, it can enable a more consolidated view of investments. In pensions, it can support more informed long-term financial planning.
The focus must shift from institutional onboarding to meaningful usage, with use cases that address specific customer needs. This will require collaboration across data providers, data users and technology partners, alongside continued work on data quality and standardisation.
5. Extending trust to data processing and AI
The AA framework is built on a data-blind architecture. Account Aggregators facilitate the movement of encrypted financial information but do not read or store the underlying customer data.
Trust, however, must extend beyond data sharing to how information is processed and used by authorised recipients. At Sahamati, we are exploring confidential computing and Trusted Execution Environments (TEEs), including proof-of-concept work with Google. These technologies can help create secure environments for processing data while limiting access to the underlying information.
This becomes increasingly important as financial institutions adopt AI and more advanced data-processing systems. We must ensure that data is not only shared with consent but also used responsibly and accountably.
6. Moving from Open Finance to Open Data
The longer-term opportunity extends beyond financial information. Data from telecommunications, accounting and enterprise resource planning platforms could provide valuable insights into individuals and businesses.
For MSMEs, business activity and cash-flow information could complement conventional financial records and support better credit assessment. With appropriate regulatory frameworks and safeguards, this could open up new possibilities for authorised data sharing.
As the ecosystem expands towards Open Data, the principles of consent, security and customer control must remain central.
7. Making consent simpler through voice and multilingual journeys
A consent-based system works only when people understand the choices they are making. Consent journeys must be simple, accessible and available in languages customers are comfortable with. Voice-based AI and multilingual interfaces could help make these journeys more intuitive and bring more people into the digital financial ecosystem.
We are also exploring a Customer Portal, or Consent Passbook, as a proof of concept with Google and a few Account Aggregators. It is intended to give customers a consolidated, read-only view of their consents across participating AAs, including who requested their information and for what purpose.
Customers would continue to manage and revoke permissions through the relevant AA application. The proof of concept uses a confidential computing environment designed to prevent Sahamati, Google and intermediaries from accessing the underlying customer data. The objective is to make customer control visible and practical, rather than simply a principle embedded in the system.
Building the next phase together
The Account Aggregator ecosystem has demonstrated that trusted, consent-based financial data sharing can operate at scale in India. The next challenge is to translate this foundation into wider adoption and tangible outcomes.
This will require collaboration across regulators, financial institutions, Account Aggregators, technology providers and ecosystem partners. It will also require continued focus on sound governance, sustainable business models and customer protection.
Ultimately, the success of AA will be measured not only by the scale of its network, but by how effectively it helps people access financial services, enables businesses to grow and gives individuals greater control over their financial information.