8th September 2021
Account Aggregators or AAs are consent managers who help in easy + secure data transactions between Financial Information Users (FIUs) and Financial Information Providers (FIPs).
Easy: AAs will bring together all your financial information spread across multiple sources without you uploading/ filing any documents.
Secure: AAs are data blind. They cannot see, process, or store your data. Your data will only be shared with the intended FIUs, and that too - with your consent.
Only NBFCs or Non-Banking Financial Companies are eligible to be an AA. Ex: PhonePe, and six others. See more characteristics of AA in the sketch 👇🏾
Why do we need AAs in the first place?
Before the launch of AAs (2nd September 2021):
After AAs:
What does it mean to consumers?
The architecture of AA is based on the DEPA (Data Empowerment and Protection Architecture) framework. By managing consent, DEPA enables the collection + use of personal data to help people get access to better financial, healthcare, and other important services in real-time while preserving the security and privacy of the user. (Less friction, easier access)