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 […]
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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 […]
Account Aggregator Demo by OneMoney
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 […]
RBI announces Technical Specifications for all participants of the Account Aggregator (AA) ecosystem
In a notification on November 8 2019, the RBI’s announced the Technical Specifications for the Account Aggregator system. The notification can be accessed here. Earlier, the RBI published the “Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016” on September 6, 2016. Reserve Bank Information Technology Private Limited (ReBIT), has framed these specifications. The […]
OneMoney becomes the first Account Aggregator to get an Operating License from RBI
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 – […]
Nandan Nilekani introducing the Account Aggregator at CUG on July 25, 2019
India is at a unique juncture in its history. With the advent of digital technologies and the spread of cheap mobile internet, we are at a point when Indians soon become data-rich, before its people become economically rich. This is a unique situation globally, and we have to cross uncharted waters to convert this data […]