| |
|
|
Latest events and updates about Account Aggregator ecosystem
|
|
|
|
|
|
143.61 Million
Consent requests fulfilled
119.57 Million Accounts linked on AA
708 FIs Actively engaged in AA adoption
636 REs Live on AA
173 FIPs Live on AA
580 FIUs
Live on AA
90 FIPs
Available on 4 or more AAs
|
|
433 FIs
Sahamati Certification Framework 31 TSPs Intermediate Certified
201 Signatories
AA Participation Terms
1,492 UAT Entries in AA Registry
892 Prod
Entries in AA Registry
50,607 (cumulative)
Grievances handled
30,997 (cumulative)
Grievances resolved |
|
|
|
|
|
|
|
Wishing each of you a joyful and prosperous New Year! As we close the chapter on 2024, it’s the perfect time to reflect on what an extraordinary journey it has been for the AA ecosystem and Sahamati. This year, we achieved several remarkable milestones, showcasing the impact of the ecosystem’s collective efforts. Crossing 100 million consents powering more than 9.7 million customers with loans and more than 15 million customers with Personal Financial management in just three years is a milestone testament to the ecosystem’s transformative potential for the Indian Financial Sector.
A standout moment of the year was the successful second edition of SamvAAd, the AA community’s flagship event. This event brought together over 1,200 participants from 450+ organisations, including financial institutions, technology companies, consultancies, investors, and impact organisations. The energy, insights, and thought-provoking discussions at the event underscored the transformative potential of the Account Aggregator Framework. As we step into 2025, it’s time to channel the momentum of 2024 into even greater strides for the AA ecosystem. From creating awareness and shaping data protection policies to building technical infrastructure and rolling out new membership initiatives, every effort is aligned with our mission to drive the implementation of Data Empowerment and Protection Architecture in the financial sector forward. Here’s our vision for the year ahead!
The 2025 Roadmap: 12 Goals Towards GrowthDrive customer awareness and education for the AA framework through multi-channel campaigns. Expand adoption, usage and use cases across all financial sectors within the AA framework. Improve the success rate of AA transactions from the current 60-65% to 80-85% through close working with FIPs. Implement Fair Use via “policy as code” across the network to support sustainable growth within the AA Ecosystem. Roll out Sahamati’s RE (Regulated Entities) Membership to strengthen participatory governance initiatives in the Ecosystem. Bolster easy and efficient interoperability through Sahamati Router, observability infrastructure and other value-added services. Strengthen security and fraud prevention mechanisms to ensure robust customer protection. Establish the best-in-class standards and codes of conduct for consumer data empowerment, security and protection. Expand the coverage of Financial Information (FI) types to ensure that the Account aggregator becomes a single channel access to all financial data needs for the financial institutions. Navigate towards alignment of the AA ecosystem with the DPDP Act and rules to map a coherent way forward. Restructure the alliance to align with the SRO (Self-Regulatory Organization) framework procedurally and in spirit. Work towards establishing India as a leader in Open Finance both within the country and globally.
The goals outlined by Sahamati are more than New Year Resolutions—they are a testament to our relentless commitment to shaping the future of the AA ecosystem. These efforts aim to empower individuals while establishing a robust foundation for a thriving, customer-centric, data-driven economy. By expanding adoption, fortifying security, and focusing on a customer-first approach, we are advancing closer to the vision of a more inclusive, secure, and resilient financial ecosystem for the nation. Here’s to an inspiring 2025 filled with collaboration, innovation, and progress. Together, let’s make it a year to remember!
|
|
Sahamati Governing Council sets the Roadmap for CY 2025
The Sahamati Governing Council held its inaugural meeting of 2025, setting a comprehensive roadmap to guide the alliance’s efforts for the year ahead. Key priorities include stabilising data supply, fostering broader adoption and usage of the AA framework, implementing fair use principles, and enhancing the operational foundation of the ecosystem through a robust membership structure and the development of SahamatiNet. The council also acknowledged the significance of the draft DPDP Rules under consultation, emphasising the need to align ecosystem initiatives with these evolving regulatory frameworks to drive sustainable growth and unlock transformative potential for all stakeholders.
|
|
|
|
Global Open Finance Adoption Report (GOFAR) 2024-2030- Now available on our website!
We are delighted to announce the release of the Global Open Finance Adoption Report (GOFAR) 2024-2030, unveiled at SamvAAd 2024 in Mumbai. Developed in collaboration with Open Finance Connect, this comprehensive report outlines the journey toward achieving one billion Open Finance users by 2030. The report covers 48 countries and explores key trends, challenges, and opportunities shaping the global Open Finance landscape.
|
|
|
|
Account Aggregators: Revolutionizing Data Ownership for Financial Inclusion
On December 19th, 2024, Sahamati participated in a pivotal panel discussion at the 21st Global Inclusive Finance Summit held in the Capital on the theme, "How Account Aggregators are Revolutionizing Data Ownership for Financial Inclusion." By emphasising data consent and sharing as critical components of Digital Public Infrastructure, the panel explored how AAs empower customers with ownership and control over their data. This paradigm shift redefines financial service delivery and is intentionally designed to serve financially excluded segments by reducing costs and increasing transparency. Discussions centred on strategies to optimise the development and utilisation of the AA ecosystem to ensure its potential for driving financial inclusion is fully realised.
|
|
|
|
Driving Open Finance in India: Sahamati Shares the Account Aggregator Journey on a Recent Podcast
In a recent episode of India Fintech Diaries, hosted by Hemant Kshirsagar and Elroy Serrao, Sahamati’s CEO, B.G. Mahesh, joined Shallu Kaushik, Chief Digital Officer of Tata Capital, to discuss the transformative journey of the Account Aggregator (AA) ecosystem. The conversation explored the exponential growth of the ecosystem, with lending and personal finance management emerging as its leading use cases. They also reflected on the challenges and opportunities in scaling adoption, offering insights into the path ahead for expanding the reach and impact of this groundbreaking framework.
|
|
|
|
Pragati session on “Fair Use in the Account Aggregator Ecosystem” in partnership with Finarkein Analytics
The December 2024 Pragati session, held on December 19th in collaboration with Finarkein Analytics, centred on the critical topic of fair use within the Account Aggregator (AA) ecosystem. Speakers highlighted the ecosystem’s rapid growth and increasing adoption by businesses and financial institutions, shedding light on its transformative potential. The session offered valuable perspectives on the frameworks and processes that ensure ethical and efficient data usage within the AA framework.
|
|
|
|
Engineering Advances: Enhancing Observability, Security, and Performance
In the December Release, the Product and Engineering Team adopted Sunbird Obsrv as the observability platform. The MIS that goes out to all the ecosystem stakeholders was redone using Superset, and critical data was anonymised. Internal milestones, such as migrating to Nginx and Kong, including the ModSecurity plugin for whitelisting, were completed (our commitment to using open source).
The Engineering team made significant progress in reducing the latency at the Router by optimising the code and measuring it in end-to-end scenarios such as Account Discovery, Account Linking, Consent, and Data fetch. The team also tightened security with the Central Registry. All these changes to the UAT environment will be deployed in production in mid-January.
|
|
|
|
Introducing Sahamati SahAAyak: Launching Soon
At Sahamati, we recognise the importance of streamlined operations and efficient problem-solving within the AA ecosystem. We are excited to introduce Sahamati SahAAyak, a series of regular updates designed for AA Program SPOCs and Support SPOCs of Live Entities. With this initiative, the Sahamati support team aims to empower support personnel across the ecosystem with the tools and knowledge needed to navigate the complexities of the AA ecosystem. Through targeted insights and valuable updates, Sahamati SahAAyak will help SPOCs stay updated on the latest changes, troubleshoot and resolve issues more effectively, and address operational challenges efficiently, ensuring seamless service and enhancing overall ecosystem efficiency.
|
|
|
|
|
|
|
|
|
|
Do not wish to receive mails from Sahamati? Click here to unsubscribe |
|
|
|
|
