Pragati - The Sahamati Newsletter September 2023

31 Dec 2023
september newsletter

Latest events and updates about Account Aggregator ecosystem

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What’s New

With 1.93 billion financial accounts enabled on Account Aggregator, it has been an action packed, fast-paced and dynamic six months of FY24!  As we navigate the next six months of this year, let us look at some key developments so far.

1.52 billion bank accounts can now integrate with AA and provide data via the network. Successful consent requests have seen a steady increase of approximately 27% month-on-month. This indicates businesses’ and individuals’ growing acceptance and utilization of the AA framework and its increasing importance in the financial sector.  

The AA ecosystem is now at nearly 450 financial institutions across four financial sector regulators (FSRs) with 15 different types of financial information. Most recently, the integration of GST has opened up many new use cases and is poised to drive financial innovation for MSMEs. 10 AAs have integrated with GSTN, while one AA is in the testing phase. 39 Asset Management Companies (AMCs) are live on AAs, bringing mutual fund data onto the network. This cross-sectoral financial data accessible through AA reflects the versatility and relevance to various users and businesses.

The Saans FIP API health dashboard has played a pivotal role in improving the technical delivery rates of data sharing by giving an effective monitoring dashboard to policymakers and financial institutions. This signifies a commitment to maintaining high data accuracy and reliability standards within the AA ecosystem. 

Additionally, the publication of design guidelines for User Experience (UX) tailored for Financial Information Users (FIUs) and Account Aggregators (AAs) is another significant milestone. These guidelines aim to ensure a seamless and user-friendly experience for individuals and organizations using the AA framework, further enhancing its accessibility and usability.

In a key legal development, the Parliament has passed and notified the Digital Personal Data Protection (DPDP) Act 2023, completing the techno-legal framework of AAs. The imminent DPDP Rules and the Data Protection Board (DPB) will further pave the way for a higher uptake of AAs. It is essential for the ecosystem to align itself well with the DPB to operationalize AAs on a population scale.

As we move forward into the next six months of FY24, it will be exciting to see how these developments shape the future of data sharing and financial services.


AA Adoption

24.57 million

Consent requests fulfilled 

23.20 million
Accounts linked on AA

450+ FIs

Actively engaged in AA adoption

341 FIs

Live on AA

118 FIPs

Live on AA 

32 FIPs

Available on 4 or more AAs 

Common Infrastructure

256 FIs

16 TSPs

Sahamati Certification Framework

152 Signatories
AA Participation Terms

1,105 UAT 

470 Prod

Entries in AA Registry 


Grievances handled


Grievances resolved 


FI Dashboards disseminated

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Solving for Account Discovery

Saans, the FIP API dashboard was designed to help FIPs in upscaling their performance and enabling seamless customer experience. A major public sector bank has successfully utilised this tool to improve its discovery performance on the AA network. Key Indicators were monitored and enhanced to show significant improvements in performance for the PSB. The p50 success percentages reported by AAs on SAANS reached 100% by September 12th, 2023. Click on the link below to know about the specific of this case.


Self-Service FIP Downtime Advisory Feature

Self-Service FIP Downtime Advisory Feature

Sahamati has introduced a self-service FIP downtime advisory feature on its Support Portal, enabling FIPs to proactively inform market participants about their planned downtime. Additionally, the Support Portal now includes a dedicated tab with a dashboard showcasing downtime notifications submitted by all FIPs. Users of the portal(AA, FIPs, FIUs), have the option to export the entire list from the dashboard for their internal use. This enhancement is designed to help minimize the impact of downtime and enhance operational efficiency within the AA ecosystem. This feature was released along with other enhancements in version 2.2 of the Support Portal.


TSP Steering Committee FY24

TSP Steering Committee FY24

The Second Steering Committee of Technology Service Providers (TSPs) has been successfully convened. This nine-member committee represents the strong TSP community in the AA Ecosystem. The Steering Committee’s primary objectives for Financial Year 2024 is to identify and address priority issues within the TSP community, define the required work products for each problem, oversee cross-cohort working groups, collaborate with the AA Steering Committee as needed, and approve and disseminate work products while liaising with the Governing Council when necessary.


Impact of the DPDP Act 2023 on AA Ecosystem

  Impact of the DPDP Act 2023 on AA Ecosystem

To understand and explore the impact of the DPDP Act on AAs while it is at a nascent stage, Sahamati organized a conversation between Rahul Matthan, Founder-Partner at Trilegal, and Siddharth Shetty, architect and co-author of the Data Empowerment and Protection Architecture (DEPA). The conversation delved into crucial themes such as India’s journey in introducing and implementing Digital Public Infrastructure, building trust in the digital economy, accountability fiduciaries, consent managers and their implementation at the population scale, the functionality of consent templates, and the way forward.



 Design Guidelines for Informed Consent in AAs


Sahamati and IDEO Last Mile Money (LMM) undertook extensive research involving 50 ecosystem participants to co-create “Design Guidelines” for Informed Consent in Account Aggregators (AAs). A refresher open house was conducted to educate network participants on the study’s key insights. The session generated a lot of interest and was well-received by the attendees. The design guidelines can pave the way for a more user-friendly and privacy-conscious digital future by focusing on transparency, empowerment, trust, and progressive education throughout the user journey.    


Pragati with FACE

Pragati with FACE

The Pragati session on the Account Aggregator (AA) framework held in September was curated for the members of FACE: Fintech Association for Consumer Empowerment. The session witnessed record participation from association members, reassuring the potential of AAs to drive up innovation in the financial market. The session delved into the impact of using the AA framework for sharing financial information for individuals and financial institutions and the benefits of digital commons such as grievance redressal, central registry, SAANS, design guidelines, and codes of conduct.


Sahamati at Industry Events

Sahamati at Industry Events

This month, Sahamati participated in the Global Fintech Festival (GFF) with a masterclass on user consent journeys within the AAs. 

Sahamati presented Account Aggregators (AAs) as potential game-changers for the insurance industry in India at an event organized by the India InsurTech Association (IIA). 

Women’s World Banking India hosted their inaugural knowledge-sharing session for Network Members with Sahamati. The session focused on Account Aggregators (AAs) and their integration within India’s digital public infrastructure. 

Click below to know about the events! 

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