1. Introduction DigiSahamati Foundation (Sahamati) is a Collective of Account Aggregator ecosystem being set up as a non-Government, private limited company. The RBI approved a new class of NBFCs in 2016 to act as Account Aggregators, whose primary responsibility is to facilitate the transfer of user’s financial data with their explicit consent. This primarily includes […]
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Loan Monitoring Use Case For Account Aggregator Framework
Majority of the Lenders have an analytics module to determine the ‘collectability’ of the loans given to their borrowers. If the borrower is an ‘Existing to Bank (ETB)’ customer, the lender is able to analyze the bank statement to determine the Financial Health of the Borrower. However, today there are many more data signals which […]
What is an Informed Consent & Consent Artefact?
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 […]
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 Reconciliation […]
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 […]