You can use an account aggregator on a web client or mobile app. If you haven’t yet signed up, visit the link to download Account Aggregator apps or to sign up on Web URL.
Refer to FIP-AA mapping page to check if your financial information provider (your bank, insurance company, pension fund etc) has integrated with your account aggregator.
Below are the steps to register on an AA app. Users of UPI apps (BHIM, PhonePe, Paytm, GPay etc) will find the above steps very similar to the way an UPI app is configured and used.
Steps for Registering in an Account aggregator App
- Once you download the AA app of your choice, proceed to create your profile by entering details like name, mobile number, email id etc. It is preferable to enter the mobile number which is registered with your bank account.
- You will receive an OTP via SMS to verify the given mobile number. Enter the OTP to verify your mobile number.
- Post verification, you can create an AA handle (similar to a UPI handle). The handle is typically created as the user’s mobilenumber@aaName.
- Creating a handle is a one-time step and the handle can be used anytime in the future to share your data with prospective financial institutions via the AA app. Like, the UPI handle, the AA handle can be used to share your data with your consent.
Linking bank account to AA
- Post this, the AA app will request you to select the bank with which you have an existing bank account
- The AA app will fetch the bank account(s) in the bank selected in the above step. The AA app will fetch the bank account which is linked to your verified mobile number and display it to you on the screen.
- Once you click to proceed with linking, you will receive a confirmation OTP from your existing bank which you can enter on the screen of the AA to approve the linking of the bank account.
- Please note that by deciding to link your bank accounts to the AA Handle, data will not be shared with anyone. It will be shared only with your explicit consent through a notification, whenever you decide to share data with any financial service provider
- Repeat the steps from #7 to #11 to discover and link your accounts with other banks and insurance companies.
- If you have decided to link accounts of multiple banks to the AA handle, each bank will send you a request to confirm the linking request independently. For instance, if you have two bank accounts, one with SBI and one with HDFC and you decide to link both these accounts with the AA handle, you will receive two OTPs-one from SBI and one from HDFC to authenticate the linking request.
Consent to FIUs for fetching your data
- The process for opening an AA handle and linking your bank accounts is a one-time process
- Once you have an AA handle with which you have linked your financial accounts, you can use the AA handle to give consent to share the statement of your bank accounts with any financial institution you approach for a loan or financial service.
- You will only need to provide/ fill your AA handle to the requester bank or financial institution and they will raise a consent for a data share request which will be shown to you on your downloaded AA app. You can tap to give consent to share the data or reject the request if you do not want to share the data.
Now that you have signed up with an Account Aggregator you are ready to use AA with several financial institutions.