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 registration from RBI for Account Aggregator services.
Account Aggregator licensed by RBI works on a mechanism through which a customer’s financial information is collated from multiple Financial Information Providers (FIP) and securely sent to the authorized Financial Information User (FIU) with the consent of the customer. The customer has complete control on where he will seek the data from and who he will share it with.
Speaking on the occasion, Anuj Kumar. President & CEO, CAMS said “Account Aggregator is a path-breaking initiative of RBI to drive financial inclusion and digitalization of citizens’ experience in seeking and managing their personal financial information. Financial Institutions will immensely benefit from using the platform to seek and share customers’ data. We are extremely delighted to have met the stringent standards and requirements of RBI and receive the certificate of registration. Our technology platform and operational readiness has been tested and is ready for commencing operations.”
CFISPL’s product suite and service are designed to enable on-the-go information authorization and sharing in a very safe and secure manner as information sharing happens through a digitally signed, encrypted mode.
Anuj Kumar added “CFISPL will operate under the brand CAMS FinServ and will bring the experience of CAMS of over 2 decades in financial information aggregation and management. Our Account Aggregator service is designed to serve customers and the vast set of Financial Institutions”.