The AA SLA Working Group was formed in December 2022 with a focused agenda to address the pressing need for standardized Service Level Agreements (SLAs) among Account Aggregators (AAs) and Financial Institutions Providers (FIPs). The ecosystem was facing several challenges, including:
- Lack of Clarity on SLAs: SLAs lacked uniformity and clear definitions among participants, leading to confusion about service expectations among various stakeholders.
- Operational Inefficiencies: Discrepancies in SLA metrics and expectations resulted in operational inefficiencies, impacting service delivery and customer satisfaction.
- Integration Challenges: Onboarding new AAs and FIPs was often hindered by unclear timelines and procedures, delaying inaccess to essential services.
- Issue Resolution & Error Management: There was a need for a structured approach to handling errors and issues, as inconsistent practices were causing delays in resolution and dissatisfaction among users.
- Seamless Communication: Enhanced collaboration and communication were needed to align the interests of all parties involved in the ecosystem.
The Working Group aimed to bring together representatives from various FIPs – especially Banks to collaboratively develop and finalize a cohesive framework of SLAs that would enhance operational efficiency and improve the overall user experience.
Participants of AA SLA Working Group:
The Working Group included representatives from various FIPs, ensuring a diverse range of perspectives. The complete set of participants attending one or more meetings included:
| Sl. No | Organization | Category | Participants |
|---|---|---|---|
| 1 | ICICI Bank | Private Sector Bank | Mithali Chauhan, Pallav Kapoor |
| 2 | Bank of Baroda | Public Sector Bank | Prabhat Sharma |
| 3 | AU Small Finance Bank | Small Finance Bank | Sumit, Harshita Singh |
| 4 | State Bank of India (SBI) | Public Sector Bank | Manish Kumar, Rajesh Akkireddy (on behalf of SBI) |
| 5 | UCO Bank | Public Sector Bank | Jayaprabha, Saurabh Awasthi |
| 6 | Punjab National Bank | Public Sector Bank | Lakshmi Krishna, Ajay Chauhan |
| 7 | Axis Bank | Private Sector Bank | Ankit Ahuja, Hiren Bailey, Abhinav Arora, Kulranjan Singh |
| 8 | Federal Bank | Private Sector Bank | Yogyanath V. Pai, Rajat, Vinod Vincent |
| 9 | Punjab & Sind Bank | Public Sector Bank | Nilesh Kanpahde |
| 10 | HDFC Bank | Private Sector Bank | Ajay Pal |
The Group met over six sessions and deliberated on the following key SLAs and finalized revisions to the Draft SLAs version 0.9.1 is available here:
- Performance SLAs
- Service uptime of FIP APIs SLA
- Measurement of service success rate
- Response time SLAs
- Issue Resolution SLAs
- Communication SLAs
Recommendations of AA SLA Working Group
The Working Group successfully addressed the identified challenges and achieved several key recommendations, which were adopted in the crafted of Draft SLAs for wider consultation from the ecosystem:
- Redefined Service Availability: The definition of service availability was revised to “Service Success Rate,” with an acceptable range set between 95% and 99%. This change ensures a clearer understanding of performance expectations.
- Established Uptime SLAs: Daily uptime SLAs were defined, allowing for better monitoring and accountability regarding system availability.
- Integration Timelines: Standardized timelines were set for onboarding, with a 45-day integration period for FIPs and flexibility for FIUs, acknowledging the complexities involved.
- Issue Resolution Framework: A structured approach to issue resolution was developed, categorizing response times based on the severity of the issue (e.g., business-critical issues to be resolved within one business day).
- Enhanced Communication: Protocols were established for unplanned downtime notifications, ensuring timely communication within the ecosystem.
- Continuous Feedback Loop: Group agreed to open up the Draft SLAs to the ecosystem, and ongoing feedback from participants was encouraged, fostering a culture of collaboration and continuous improvement.
The AA SLA Working Group made significant strides in creating a cohesive and standardized framework for SLAs within the Account Aggregator ecosystem. Through collaborative efforts, the group has enhanced clarity around service expectations, improved integration processes, and established a foundation for better consumer experiences. Moving forward, it will be crucial for all participants to implement these SLAs effectively and continue the dialogue for ongoing improvements.
