OneMoney is one of the account aggregators licensed by the RBI. The demo walks you through the process of the end customer signing up with Onemoney Account Aggregator mobile app.
The demonstration shows how you can discover and link your existing bank accounts (Financial Information Providers – FIPs). 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.
- Customer registers themselves on Onemoney
- Customer verifies their mobile number used for registration through OTP and a Consent PIN is created.
- The customer’s VUA (Virtual User Account) is created which needs to be used in Financial Information User (FIU) apps.
- Now the customer can link their OneMoney Account Aggregator account with their accounts (FIPs).
- Financial Institutions (FIPs) are listed with whom the Customer has accounts for selection.
- After selecting the institution(s) customer will have to provide the details of the identifiers to discover accounts as is requested by the selected Financial Institutions. Identifiers can be a mobile number, CRN No, Account No, etc.
- With respect to the Identifier 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 then they are listed in Accounts screen with delink option to remove any account already linked.
- In the FIU application Consent is created by entering the Customer VUA.
- In Onemoney app once the Consent created in FIU app is displayed with status Pending.
- Customer can view the Consent details, select the accounts to be given Consent from the list of linked accounts displayed and then approve or reject Consent based on the requirement. To update the Consent status customer must enter their Consent Pin created already created in the earlier steps during the signup process.
- In the FIU application, once the customer approves the request then Consent Status is changed from Pending to Active
- Once active then Customer can view the details of balance, transaction and profile with respect to the Consent requested.