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 will see how a Consent request is generated and approved by the end customer. Please see the video at the end of this article.
- The customer registers on Onemoney
- The customer verifies their mobile number used for registration through OTP and a Consent PIN is created.
- The customer’s VUA (Virtual User Account), to be used in Financial Information User (FIU) apps, is created.
- Now the customer can link their OneMoney Account Aggregator account with their accounts (FIPs – e.g. bank accounts).
- The list of Financial Institutions (FIPs) is displayed with whom the customer has an account.
- After selecting the institution(s), the customer provides the details of the identifiers to discover accounts as requested by the selected Financial Institutions. Identifiers can be a mobile number, CRN No, Account No, etc.
- Once the identifiers are verified, the customer’s accounts discovered with each FIP are listed.
- The customer enters OTP sent by each FIP selected and link accounts from the list of accounts discovered.
- Once the accounts are successfully linked, they get listed on the Accounts screen with an option to delink any already linked accounts.
- In the FIU application, Consent is created by entering the Customer VUA.
- Once the Consent is created in the Onemoney app, the status is updated to ‘Pending’ in the FIU’s app.
- The customer can view the Consent details, can select the accounts from the list of linked accounts displayed to be shared as part of the Consent request and then approve or reject the Consent. To approve the Consent status, the customer must enter their Consent Pin created already created in the earlier steps during the signup process. The customer can also edit consent parameters.
- In the FIU application, once the customer approves the request then Consent Status is changed from ‘Pending’ to ‘Active’.
- Once ‘Active’, the Customer can view the details of balance, transaction and profile with respect to the Consent requested.