Latest events and updates about Account Aggregator ecosystem
The new financial year started on a good note, as the monthly count of accounts linked and consent fulfilled were at an all-time high. The monthly countof accounts linked increased by 33% to 1.6 million and consent successfully fulfilled grew by 32% to 1.85 million.
Out of the 5 FIPs that went live on AA during the month, 3 were RRBs. These RRBs, along with 10 more in the pipeline that are ready to go live as FIPs in May 2023, are expected to drive AA adoption in rural India. The entry of SEBI-regulated Depositories, as an FIP in April has made our AA ecosystem completely cross-sectoral. We now have FIPs from all four regulators, and users can share data between sectors seamlessly. 29 FIUs were added during the month.
FIPs continue to integrate with multiple AAs (including the recent entrants – Protean’s SurakshAA, PhonePe, and CRIF Connect AA) for ease of interoperability for users.
In April, Sahamati, in association with AAs, launched Saans – an initiative to bring transparency to the performance of APIs. This is expected to aid FIPs in their efforts to improve the success rates, which continue to remain low at 30%. During the month, our Support team handled more than 300 tickets, of which more than 100 were closed. We are working on further strengthening our common infrastructure to support the AA ecosystem.
And lastly, our first Account Aggregator Community Event SamvAAd 2023 is here! SamvAAd is designed to be a unique gathering that brings together nearly 1000 attendees from regulators and policy makers, cross sectoral financial institutions (live on AA and new to AA), technology providers and Account Aggregators. Don’t miss the Registration Link below. We cannot wait to see you all at the Westin, Powai, Mumbai, on the 24th of May 2023!
Sahamati and IDEO published Design guidelines for citizen-friendly consent flow
A 6-week Design Review Workshop on "Building a citizen-friendly consent flow for Account Aggregators" by Sahamati and IDEO was concluded with a final presentation of the Design template, in April.
A design template was developed based on key guiding principles – enabling transparency, reducing cognitive load, providing control, establishing trust, and building awareness among the users. The IDEO team presented the Final Share of the Design to all market participants after the design was reviewed by a Design Review Board which consisted of market participants of the AA ecosystem.
Depositories ring the bell on the Account Aggregator Framework!
Ever since SEBI announced that Depositories would be joining the AA framework as Financial Information Providers last year, our community has been eagerly awaiting their entry into the ecosystem. In April 2023, CDSL became live as FIP, and NDSL followed suit in early May. Users of AA can now share their demat account information, stock and mutual fund holdings, and related transactions with other Financial Institutions.
Sahamati Support Team conducts Support Webinar Session #7
The Sahamati Support Team hosted its 7th monthly meeting for the Live Participants on grievance redressal. The event was attended by participants from across sectors and highlighted the change in the number of grievances reported and tickets handled by the support teams of FIPs.
The Sahamati team discussed the upcoming Support Portal v2.0, with a better user interface and enhanced functionalities for respondents and requestors.
Siddharth Shetty, co-founder of Sahamati, was invited to speak at the Innovation Summit 2023 alongside Dawn Song, Professor, UC Berkeley Department of Electrical Engineering and Computer Science. The event was hosted by the Bank of International Settlements (BIS) as part of their two-day annual event held in Basel, Switzerland.The session focused on new technologies that provide users with newer ways of addressing issues of customer privacy and higher customer onboarding costs for financial institutions in meeting their KYC regulations.