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Latest events and updates about Account Aggregator ecosystem
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79.97 million Consent requests fulfilled
| 70.82 million Accounts linked on AA | |
581 FIs Actively engaged in AA adoption
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495 FIs Live on AA | |
151 FIPs
Live on AA
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435 FIPs
Live on AA |
89 FIPs Available on 4 or more AAs
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359 FIs 17 TSPs Sahamati Certification Framework | 182 Signatories AA Participation Terms | |
1,544 UAT 685 Prod Entries in AA Registry
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44,000(cumulative) Grievances handled
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17,000(cumulative)
Grievances resolved | 323 FI Dashboards disseminated
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The Account Aggregator (AA) ecosystem has become a 600+ strong community of financial institutions and technology companies, driving inclusion and innovation at a population scale. The ecosystem has almost touched 80 million cumulative consents successfully fulfilled, with more than 2,58,000 daily consents fulfilled in the last month. This ramp-up of adoption and usage has also been accompanied by signs of maturity as the ecosystem tackles “wicked problems” such as Fair Use of AA and Data Quality issues.
In response to the evolving needs of the AA ecosystem and the imminent operationalization of the DPDP Act 2023, participants sought standardized practices for data sharing across sectors. The ecosystem has formulated the AA Consent Template Library to address this need, creating a comprehensive repository of standardized consent templates. This library aims to ensure fair, transparent, and efficient data usage via AAs. This approach enhances customer privacy and provides clear guardrails to prevent misuse.
Sahamati released the first set of five consent templates in the Consent Template (CT) Library, created through an extensive collaboration among market participants via Use Case Councils and the Fair Use Committee. These councils are representative forums for the FIUs in the ecosystem based on their adoption of use cases. The councils deliberate on the procedural and operational aspects of different use cases to ensure they meet industry needs and comply with regulatory requirements & best practices. This collaborative effort has led to the finalization of the most commonly used consent templates, establishing a foundational framework shaped by participatory governance within the ecosystem.
While the consent templates define the rules for fair usage of AA, going forward, the target is to develop a programmatic detection system for fair use throughout the ecosystem. Sahamati has already outlined a technical approach to the framework, under which the Consent Templates will be available to AA on APIs, which can be cached and used to verify on a real-time basis if the consent requests created by FIUs comply with the values in the underlying consent templates. The AAs will also be able to act and submit regular reports on deviant flows according to the ecosystem policies and codes of conduct defined by participatory governance mechanisms.
Sahamati has crowdsourced opinions from various stakeholders to refine and expand the list of purpose codes for the ecosystem. This exercise aims to define specific purpose codes across use cases and consent requests to enhance their relevance. We are currently collating, reviewing, and analyzing the community feedback.
To strengthen participatory governance and self-regulation of the ecosystem, Sahamati aims to align with the Omnibus Framework for Recognizing Self-Regulatory Organizations (SROs) for Regulated Entities (REs) finalized by the Reserve Bank of India. Therefore, Sahamati has initiated transitioning from a voluntary industry alliance to a rigorous, member-driven association to set ethical, professional, and governance standards and enforce these standards on the members. To this effect, we aim to launch a membership drive for all regulated entities under the FSRs and technology service providers. We hope to reach out to the ecosystem to participate in the membership drive during the month of June 2024.
Sahamati commemorated one year of our first annual community event– SamvAAd 2023 on May 24th. Last year, the ecosystem came together to celebrate the ushering of open finance in the country and showcase the impactful use cases of the AA Framework. As we gear up to bring a much richer and more valuable iteration of the event, this year’s focus will be to highlight the 3Is of the ecosystem, which includes the theme of implementation, innovation, and inclusion. We are gearing up to reach out to the community to reconvene and reaffirm the commitment to the vision of a Data Empowered Society in India.
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Operationalizing the Consent Template (CT) Library for Fair Use of AA
Consent Templates refer to the outer bounds for mandatory attributes of a consent artefact employed for a specific use case. While attributes such as purpose code, consent type, and fetch type are described in absolute terms, attributes that carry a value and unit may need upper bounds to be set to avoid overuse and potential misuse. We have released the templates finalized by the Use Case Councils for Loan Underwriting, Account Monitoring (repayment), Income Verification, Personal Finance Management (PFM), and Account Monitoring (collection). These templates lay FIU implementation guidelines around purpose, collection, and usage limitations. Currently, the councils are considering two more templates. To learn more about the CT library and the fair use implementation approach, join our webinars every Friday.
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Sahamati’s Support to ReBIT V2 APIs Implementation
The Reserve Bank Information Technology Pvt. Ltd. (ReBIT) has advised all entities in the Account Aggregator (AA) ecosystem to ensure that the adoption of API 2.0.0, including integration, testing, and go-live for API Version 2.0.0 is completed before June 30, 2024. Additionally, ReBIT has advised the ecosystem to decommission the previous API Version 1.x.x. As the ecosystem transitions to the latest technology specifications, Sahamati advises participants to avoid onboarding the V1 stack to prevent redundant efforts and streamline the onboarding process. Transitioning directly to API Version 2.0.0 ensures compatibility with future updates, minimizes the need for repeated integration work, and helps mitigate the risk of operational disruptions and technical debt associated with maintaining outdated technology.
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Case Study on Collaborative Support to Improve FIP Health
In the recent monthly support meetings, representatives from two major financial information providers (FIPs), Federal Bank and Punjab National Bank, shared their experience improving the performance of their FIP systems. Through a series of incremental changes, consistent debugging, and iterative problem-solving, the support teams optimized FIP implementation in a systematized manner. At the same time, these case studies spotlight the importance of setting up an efficient support team and streamlining roles to ensure adherence to turnaround times (TATs). They achieved consistent performance improvements by clearly defining responsibilities and improving coordination among team members.
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Delhi Roadshow Workshop on the Account Aggregator Ecosystem
The Delhi Roadshow Workshop brought together over 57 financial institutions, including lenders, brokers, RIAs, and insurance companies to exchange valuable insights regarding the Account Aggregator (AA) framework in greater detail. This session provided a comprehensive overview of the AA landscape, exploring its practical implementation across various use cases such as Lending, Personal Finance Management, Insurance, and Capital Markets. The workshop also addressed common misconceptions surrounding the AA ecosystem through engaging discussions. Beyond exploring the basics of the AA framework, the workshop delved into Fair Use, Code of Conduct, success rate optimizations, and leveraging common community resources such as reference UI/UX journeys, making the event informative and impactful.
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Sahamati Advocates DPI as a lever of Economic Growth and MSME Empowerment
Sahamati participated in a panel discussion at the “Workshop on Issues in the Indian Economy: The Way Forward” hosted by the India International Centre, Primus Partners, and the Foundation for Economic Growth & Welfare. Sahamati presented the value proposition of AAs & their impact on private-debt penetration in India by catalyzing bank credit and corporate bonds in the panel discussion on “Macroeconomic Policy for India’s Evolving Economy.” Sahamati also participated in the Mint Digital Innovation Summit to highlight the opportunities, challenges, and trends in India’s Account Aggregator (AA) ecosystem. Sahamati participated in a webinar hosted by Emerging Payments Association Asia (EPAA) to explore the role of Open Data in financial inclusion for MSMEs conducting cross-border trade.
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ET BFSI FinTech Diary Podcast on Account Aggregators
Last month, Sahamati CEO B.G. Mahesh spoke with Amol Dethe of ET BFSI on how Account Aggregators (AA) facilitate democratizing access to financial services. The podcast delved into the issues with custodian-centric data protection and the need for a Data Empowerment paradigm to ensure privacy, security, & safety, as well as agency & control over financial information. The conversation also touched upon the impact of AAs on the operational efficiency of institutions through the provision of synchronous data shared from the source. At the same time, AAs strengthen the ability of institutions to underwrite underserved, “thin file” customers and further financial inclusion
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Balancing Institutional & Customer Interests at Societal Scale
Sahamati delivered a Digital Finance Seminar for European researchers and policy advisors from Finance and Information Technology hosted by the Sustainable Architecture for Finance in Europe (SAFE). The session focused on the techno-legal approach of digital public infrastructure (DPI) to orchestrate a digital economy with users at the center. The session highlighted tackling trade-offs such as stability & inclusion, regulation & innovation, and data protection & data empowerment by design. The session delved into the various population-scale initiatives in India, such as the Aadhaar, Unified Payments Interface (UPI), Account Aggregator (AA), and open networks like the Open Network for Digital Commerce (ONDC).
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