DigiSahamati Foundation (Sahamati) is a self-organised Industry Alliance for the Account Aggregator ecosystem set up as a not-for-profit private limited company under Section 8 of the new Companies Act of India. 

Post UPI, the Account Aggregator network is India’s next powerful digital infrastructure for financial services — and its time has now come. Account Aggregator is India’s implementation of Open Finance, allowing a user to access and share their financial data safely, securely, in real-time, and only with consent. UPI enabled inclusive access to electronic payments for individuals to create a digital footprint of their financial life. Account Aggregator is the next natural step towards financial inclusion and empowerment: it allows individuals to use this newly generated data and share it paperlessly to enable access to key financial services they require, including credit, securities, savings, and pensions. Access to data in tamper-proof, real-time, and consented form is a key bottleneck to inclusive access to these services. 

The AA network, like UPI, is based on world-class technology architecture and includes a shared open electronic standard for the individual to communicate consent akin to the UPI protocol, and open APIs to share financial data. 

An AA go-live announcement on September 2nd 2021 indicated adoption by eight of India’s largest banks, public and private, including State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, IndusInd Bank, IDFC First Bank, and Federal Bank. If UPI was the biggest transformation wave from 2015-2020, AA is the next big wave to sweep financial services with a major transformation from 2020-2025. Its technology architecture is now tested and mature. 

Although banks representing 60% of the country’s loan book have already adopted Account Aggregator, the ongoing success of the AA network and its ability to generate value by touching every Indian’s life will depend on the network effects generated by the longtail of banks joining. 

Sahamati has been developing common technical utilities and various Certification frameworks since 2019. We are seeking sponsorship to develop the Account Aggregator ecosystem. A few of the projects are listed below,

  1. Build an alliance development strategy
  2. Build and engage the product management community
  3. Develop various certification frameworks
  4. Develop, host common technical services for the AA ecosystem (Central Registry, Token Service, Encryption Libraries, Data Dictionary etc)
  5. Build mockups of FIU use cases using AA
  6. Develop and promote AA use cases 
  7. Develop Dispute Management System for AA ecosystem
  8. Develop industry level AA dashboard
  9. Develop reference UX journeys
  10. Advocacy 

Contact us for any further information you need on sponsoring the above projects.