Empowering Commerce: Leveraging AA to build solutions that work with ONDC

The synergy of the Account Aggregator (AA) framework with the Open Network for Digital Commerce (ONDC) redefines how financial services reach the underserved. At the forefront of this innovation are Karnataka Bank, FinVu AA, and Ignosis TSP—winners of the Financial Inclusion category in the 3I Use Case Competition at SamvAAd 2024. Their pioneering solution exemplifies how open protocols can empower commerce and financial inclusion.

Leveraging AA, Karnataka Bank has streamlined its lending processes on the ONDC buyer app, enabling quick and cost-effective access to credit. Customers can now receive multiple competitive offers tailored to their needs, reducing time-to-disbursement to as little as five minutes. This approach enhances customer experience, reduces customer acquisition costs for banks, and integrates seamlessly into diverse buyer apps, fostering financial inclusion at scale.

This innovation is powered by trust and transparency, with AA ensuring secure and efficient data-sharing while adhering to privacy regulations. The solution also demonstrates scalability, allowing lenders to integrate once and leverage multiple networks, from ONDC to private partnerships.

Such initiatives showcase how open ecosystems like AA and ONDC can revolutionise financial services, making them more accessible, inclusive, and impactful for businesses and individuals.

Watch the session recording here.