Account Aggregation (aka AA), in concept, is the same as Open Banking in the west, maybe accurately described as a game-changer for how financial transactions and planning will be done.
In fact, the World, including India, are all moving towards the fundamental concepts that data in value is like money, belongs to the principal – either the individual or a business entity – and must be protected, privacy maintained and shared only with the express consent of the data principal.
In such a transformation in the world, financial data is the first one being regulated through Open Banking or Account Aggregation as it is called in India.
The Reserve Bank of India (RBI) is the first central bank of any country which has issued a detailed regulation, which is outlined in its Master Direction for NBFC-AA, the framework within which AA works.
We, as a community of AA, are proud to announce India’s first AA, licensed to operate a business by RBI. Onemoney, the brand of FinSec AA Solutions Pvt Ltd.
We are honored to be the first AA in India, and are excited as well as feel the responsibility of fulfilling the goals of AA, as written in the regulation.
We will work towards empowering individuals through Data Democratization and assisting all participants in fulfilling their roles by ensuring Data Governance as outlined in the AA regulation as well as the upcoming Personal Data Protection Bill.
We will play our part responsibly and are looking forward to more AAs joining this movement and serving the Financial Information Providers (FIPs) and Financial Information Users (FIUs)”.A Krishna prasad, Founder, Onemoney
Sahamati and iSPIRT will continue to nurture and support the AA ecosystem and are confident that changing the dynamics of how data is monetized, from data users to data principals.