Companies want access to more and more of your personal data. The Personal Data Protection Bill 2019 [currently referred to a Joint Parliamentary Committee (JPC) of both the Houses of Parliament] requires entities to take Consent from Data Principals (data owners) to access and further process their data. Consent helps both entities – Data Principals […]
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FinVu receives Account Aggregator Operating License from RBI
There are very few countries that take proactive measures to address issues of financial inclusion, data empowerment and digitization of financial services. India is one such country where regulators such as RBI and industry bodies have worked out a framework where financial institutions, service providers can collaborate to better the customer experience and their involvement […]
Use Cases For Account Aggregator Framework
There are several use cases Financial Information Users (FIU) can build in the Account Aggregator ecosystem. The conventional use cases listed below are already in production today but not very efficient. The following use cases when onboarded to Account Aggregator ecosystem can change things dramatically. Lending Wealth Management Personal Finance Management Apps Robo Advisory While […]
CAMS FinServ receives Operating License for Account Aggregator service
The Reserve Bank of India (RBI) stipulated the framework for the registration of a new class of NBFCs for Account Aggregator (AA) services to aggregate customers financial asset information and deliver reporting services. CAMS Financial Information Services Private Limited (CFISPL), a subsidiary of CAMS, the premier service partner to Mutual Funds, received the certificate of […]
Sahamati’s Brand Identity: Put your creativity to test
Account Aggregator is a data framework which allows data owners to share their data in a safe, secure way only after they give their Consent. Also, whenever the data shared is refreshed (the data consumer again asks for the same set of data, but updated version), the data owner is notified about it. This way […]
An Argument For Venture Investment In Account Aggregators
Towards the beginning of 2020, high-ranking government officials will preside over the launch of India’s Data Empowerment and Protection Architecture (DEPA). These high-profile launch plans for DEPA are commensurate with the high level of impact this system can generate. Similar to how UPI changed the payments landscape of India, DEPA has the potential to completely […]
Account Aggregator Demo by OneMoney
OneMoney is one of the account aggregators licensed by the RBI. This demo will walk you through the process, showing an end customer signing up with Onemoney Account Aggregator mobile app. The demo shows how a customer can discover and link his/her existing bank accounts (Financial Information Providers – FIPs) via Onemoney mobile app. You […]
RBI announces Technical Specifications for all participants of the Account Aggregator (AA) ecosystem
In a notification on November 8 2019, the RBI’s announced the Technical Specifications for the Account Aggregator system. The notification can be accessed here. Earlier, the RBI published the “Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016” on September 6, 2016. Reserve Bank Information Technology Private Limited (ReBIT), has framed these specifications. The […]