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Latest events and updates about Account Aggregator ecosystem
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133.30 Million
Consent requests fulfilled
111.99 Million Accounts linked on AA
670 FIs Actively engaged in AA adoption
618 REs Live on AA
172 FIPs Live on AA
562 FIUs
Live on AA
90 FIPs
Available on 4 or more AAs
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427 FIs
Sahamati Certification Framework 17 TSPs Intermediate Certified
215 Signatories
AA Participation Terms
1,935 UAT Entries in AA Registry
867 Prod
Entries in AA Registry
50,504 (cumulative)
Grievances handled
30,750 (cumulative)
Grievances resolved |
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November marked a significant milestone in the Account Aggregator ecosystem journey as we successfully concluded the second edition of our annual Account Aggregator ecosystem community event, Samvaad 2024. This year, we witnessed an incredible gathering of over 1200 participants from more than 450 organizations, including financial institutions, technology companies, consultancies, investors, and impact organizations. It was truly heartening to see the progress and maturity of the AA ecosystem, a journey that has been nothing short of remarkable.
Last SamvAAd in May 2023 led to a rapid expansion of the ecosystem–from 200 to 600+ participants, and a scale-up from pilot projects to broad implementation. As a result, linked accounts have surged from around 9 million to over 100 million, while consents fulfilled have soared from approximately 9 million to more than 120 million. We expect SamvAAd 2024 to play a similar catalytic role in institutionalizing the AA framework.
To achieve these objectives, we supercharged the ecosystem with new perspectives on product innovation through the Sahamati BuildAAthon 2024 and the 3I Use Case Competition in collaboration with Finarkein Analytics. We witnessed a rapid maturity of use cases as FIUs graduated from the nascent pilot implementation and tinkering phase to showcase a deeper commitment to the ecosystem. At the Sahamati NextWave, a dynamic elevator pitch event for AA-enabled startups, we witnessed momentum for innovation as products and businesses built natively on the AA framework. This reflects the growing relevance of the framework in the financial services industry.
We also collaborated with diverse institutions beyond the AA ecosystem, such as McKinsey & Company, CGAP, Accion, Sattva Consulting, and Open Finance Connect. These collaborations produced reports on MSME impact, customer research, financial inclusion, and global open finance evolution. This common intellectual property will inform best practices in the AA ecosystem to transform the financial services sector.
As we reflect on our achievements, we remain committed to strengthening the AA ecosystem and driving forward the vision of Open Finance. I extend my heartfelt gratitude to all our esteemed speakers, whose invaluable insights enriched Samvaad 2024, and to our sponsors and attendees for their unwavering support and enthusiasm. The future holds immense potential, and together, we will continue to shape an inclusive financial landscape for India with your continued support in this journey!
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Sahamati Annual Report – October 2024 Launched!
Samvaad 2024 witnessed the launch of Sahamati’s Annual Report, “Data Capital: Unlocking Formal Finance for a Billion Indians,” which commemorates three years since the public launch of the AA ecosystem in September 2021. This report highlights our significant strides in empowering customers through secure, consent-based data sharing. It celebrates the resilience and determination of the ecosystem to realize the vision of empowering customers with agency and control over their financial data.
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Catalyzing Growth of MSMEs with the AA Ecosystem
We also unveiled our report, “Open Finance: From Inclusion to Empowerment of MSMEs,” developed in collaboration with McKinsey & Company. Released by Shri Nandan Nilekani, the report highlights the transformative potential of the AA ecosystem in overcoming the credit challenges MSMEs face. It provides valuable insights into the prerequisites, enablers, and impact of the AA framework on MSMEs in India, an essential perspective as we prepare to scale the ecosystem further.
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Sahamati participates in the Democratizing Financial Services Through Open Finance Podcast hosted by Finvest Asia
An engaging conversation featuring Mr. BG Mahesh, CEO, Sahamati with Finstep Asia, hosted by Ms. Monica Jasuja, Ambassador, Emerging Payments Association Asia, Mr. Musheer Ahmed, Founder & Managing Director of FinStep Asia delved into the transformative potential of Open Finance and Account Aggregators in reshaping financial accessibility and inclusion in India.
Key insights from the session surrounded how Open Finance aggregates diverse financial services, akin to browsing a multi-branded store while empowering SMEs with small-ticket loans and flexible solutions. The conversation underscored the power of digital standardization for secure, efficient data sharing and positioned India as a global fintech leader, setting benchmarks for emerging markets. The panel also explored pathways to financial inclusion through Open Finance, addressing challenges like data security and consumer education, all while charting the future of fintech innovation.
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Sahamati joins an engaging panel discussion hosted by the Confederation of Indian Industry (CII)
In a compelling Panel Discussion on “Optimising Distribution of Financial Products Through Data”, hosted by the Confederation of Indian Industry (CII), Ms. Shalini Gupta, Chief Policy & Advocacy Officer at Sahamati, joined an esteemed panel of experts.
The discussion delved into transformative themes such as leveraging payment data for underwriting the next 100 million customers, embedding financial services products into payment flows, and utilizing payment data to monitor and prevent fraud.
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Workshop at BIRD on “Role of Account Aggregator and Fintech in Banking”
Sahamati recently participated in a workshop at NABARD BIRD, Lucknow, centered on the “Role of Account Aggregators and Fintech in Banking.” The session featured insights from Abhishek Varshney, Senior Lead – Partnerships at Sahamati, and Vineet Ranjan, Head of Risk and Strategic Alliances at Kosh. This full-day workshop brought together representatives from 20 diverse financial institutions, including MFIs, RRBs, and PSUs, fostering meaningful discussions on innovation and collaboration in the banking sector.
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Launch of Sahamati’s documentary on “Unlocking Finance: Data Empowerment through Consent”
Sahamati’s documentary, Unlocking Finance: Data Empowerment through Consent, highlights how the Account Aggregator (AA) ecosystem changes how people access and use financial services. Enabling secure and seamless data sharing makes borrowing money, managing personal finances, and accessing financial products faster, cheaper, and easier. The film showcases real stories of how this ecosystem breaks barriers, making formal financial products available to many underserved and unserved customer segments.
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SahamatiNet moving toward Proof Of Concept (POC)
We are working on a demo of SahamatiNet’s Proof of Concept (POC), involving a few FIPs, FIUs, and AAs, by the end of February 2025. The POC aims to showcase a functional ecosystem that demonstrates seamless connectivity, ensuring that the Router does not introduce significant delays while reducing the number of technical integrations needed by FIUs, FIPs, and AAs. This initiative invites market participants to engage and collaborate in shaping a more efficient and connected financial landscape.
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Compliance Reporting Fair Use Template finalised
The PFM Use Case Council, comprising various SEBI-regulated entities, has finalized the Compliance Reporting Template (CT043) under Purpose Code 104. This template is designed to support SEBI and other entities in monitoring the investment activities of employees and associated persons, ensuring compliance with internal policies and regulatory requirements on investments. Key attributes include all 8 FI types, consent validity of one year, and periodic fetch up to 25 times monthly to ensure comprehensive reporting. The finalized template will be publicly accessible in the Fair Use Library later this month, providing ecosystem participants with a standardized approach to compliance monitoring
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