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Latest events and updates about Account Aggregator ecosystem
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The month of May has been remarkable for the Account Aggregator Ecosystem in more ways than one. SamvAAd 2023, the first-ever Annual Conference for the Account Aggregator ecosystem saw the coming together of the entire ecosystem with more than 1,100 attendees which included dignitaries from 450 organizations including financial institutions, technology providers, VCs and consulting firms. 14 unique show-and-tell Account Aggregator (AA) use case demos and three assisted-AA journeys by IPPB, MoRD, and Atyati generated immense interest for AA adoption and Open Finance.
Adoption gathered further momentum, with cumulative consents successfully fulfilled through AA crossing the 10 million mark. Consents successfully fulfilled through AA reported a healthy 37% increase and accounts linked were up by 34% in May compared to April. Steady improvement in the health of select Financial Information Providers (FIPs) was evidenced through Saans dashboard, albeit limited to a few FIPs.
Cross-sectoral participation has set up the stage for Open Finance in the country as Depositories successfully went live with equities and mutual funds in a demat form. Several Regional Rural Banks (RRBs) and Insurance Companies went live both as FIPs and FIUs.
The pace and scale of growth greatly emphasizes the need for improved customer support and data governance. FIPs being able to accelerate integrations with all AAs, improve their data delivery rates and enable faster issue resolution is the need of the hour. Also, as emphasized by regulators and eminent industry players at SamvAAd, self-regulation and guardrails around misuse of the ecosystem are critical for further growth. We look forward to engaging with ecosystem participants in improving areas of customer experience and support, fair-use of consent, and data security, to make AA a safer and transparent network for users.
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10.5 million Consent requests fulfilled
| 8.9 million Accounts linked on AA | |
345+ FIs actively engaged in AA adoption
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214 FIs Live on AA | |
61 FIPs
Live on AA | 29 FIPs available on 4 or more AAs
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218 FIs 10 TSPs Sahamati Certification Framework | 128 Signatories AA Participation Terms | |
829 UAT 314 Prod Entries in AA Registry
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4,000+ Grievances handled
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770+
Grievances resolved | 170+ FI Dashboards disseminated
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Highlighting FIPs’ technical health through Saans daily reportsSahamati continued improvements to Saans, the AA API health dashboard, during the month. We introduced i) a third dashboard: weekly summary of key metrics of technical health, ii) launched a daily alerts mechanism for key FIPs, and iii) private dashboards for FIPs with an AA-wise view. These improvements are aimed at enabling FIPs’ technical and support teams with better insights and thereby better control over their service availability. We have had good engagement with some of the key FIPs.
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SamvAAd 2023 – Lets Open Finance
Sahamati successfully conducted ‘SamvAAd-2023’, the first-ever Annual Conference for the Account Aggregator ecosystem. The one-day event, held on May 24, 2023, saw participation by 1,100 delegates from 450 organizations across sectors such as banking, mutual funds, insurance, microfinance, fintech and technology service providers. The event included 14 show-and-tell sessions, 5 panel discussions, and 12 insight sessions, by 43 Speakers. We were privileged to have 22 customers share their experiences of AA through video testimonials. 15 Core volunteers who has were felicitated for their contribution to the ecosystem.
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Launch of Sahamati Support Portal v2.0 Sahamati revamped its Support Portal and launched v2.0 for the Live Participants enabling grievance redressal. Among other features, Portal v2.0 provides respondents (AAs and FIPs) better functionalities to handle the tickets raised against them and improve their response time in addressing the tickets. The portal also provides a dashboard-view of tickets within organizations, enabling better delegation and management of tickets.
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ADVOCACY AND COLLABORATION |
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Assisted Account Aggregator Framework Sahamati is actively collaborating with institutions on three strategic projects to enable creation of an assisted Account Aggregator framework. These projects can significantly impact the underserved population and further financial access. Projects include a) pilot program with IPPB, b) pilot program with MoRD under its DDU-GKY scheme, and c) passbook printing initiative with Atyati. These projects were showcased at SamvAAd 2023 and received positive feedback from the audience.
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GENERAL AWARENSS AND ADVOCACY
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Recognizing InnovAAtion at SamvAAd 2023
Ahead of SamvAAd 2023, Sahamati invited nominations from market participants to showcase innovative solutions using the Account Aggregator framework. Entries received across 8 themes were then evaluated by a panel of independent judges, who chose 11 winners and 4 special mentions. The winners (each team comprising an FIU, an AA, and a TSP) were honoured at SamvAAd 2023 by our Guest of Honor, Shri Nandan Nilekani. |
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