FinVu receives Account Aggregator Operating License from RBI
There are very few countries that take proactive measures to address issues of financial inclusion, data empowerment and digitization of financial services. India is one such country where regulators such as RBI and industry bodies have worked out a framework where financial institutions, service providers can collaborate to better the customer experience and their involvement for accessing these services.
NBFC – Account Aggregators are one such entity that was introduced by RBI and for which guidelines were issued in September 2016 and since then, a lot has evolved in the ecosystem in the right perspective and direction.
![finju cookiejar logo](https://sahamati.org.in/wp-content/uploads/2022/04/finvu-cookiejar-logo.png)
Cookiejar Technologies Pvt Ltd (CTPL) received the final Certificate of Registration from RBI and are operating under the brand name “Finvu” i.e. short for Financial View.
“We were one of the early entrants when we applied for NBFC Account Aggregator license and are now extremely excited to be amongst first few to have received the final operating license from RBI for NBFC Account Aggregator. (NBFC – AA); now gearing up for live launch” said Manoj Alandkar co-founder of Finvu.
Data aggregation services have been around for quite some time, and business models have been built primarily on usage of Bank statement information in credit underwriting or Personal Finance Management. There were operational in-efficiencies, with customer wary of sharing their personal financial information, and manual work in certain processes.
Account Aggregators solves these problems as information exchange is secure, trusted and in a controlled but yet open environment. Customers will have the ability to quickly register, link their accounts and provide their consent on a Finvu App or through Web.
Customer will get a unique AA id when they register on an Account Aggregator, they will have the flexibility to choose their own AA id ( much like a UPI id ) e.g. yourname@finvu when they register on the Finvu AA. This provides ease of use and convenience.
FIUs request for customer consent by simply asking the customer to give their AA id and customers through the app or web interface can conveniently provide their consent for the purpose for which they are sharing financial information.
“Account Aggregators will help bring about a dramatic change in how financial services can be offered to customers and being at the core AA will play a critical role in this ecosystem. With a certified and standard open API framework, financial institutions will be able to quickly adopt and come on board, while some of them are already working on their digital journeys for various use cases. We have been closely working with Banks and NBFCs to test out their systems on this ecosystem and gearing up for a live launch” said Munish Bhatia co-founder of Finvu.
With the advent of regulated data access fiduciaries aka consent managers ( i.e. NBFC Account Aggregators ) and governed by upcoming policies around Data Protection, that builds strong trust for the customers in using these services that will create huge value in the Financial ecosystem.
The founding team have a collective experience of 50+ years in Banking technology and worked for UK Banks in India and overseas. Their experience has been in leading and delivering complex integrations for the banks where we worked specifically in areas of Payments (SWIFT), Corporate Banking, Commercial Lending and Transaction banking. Coming from Banking and technology and wanting to be part of the digital journey in India – Account Aggregator was a natural progression for the Founders of FinVu.
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