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):

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After AAs:

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What does it mean to consumers?

  1. We will soon see apps for AA just like we saw for UPI. Difference being - AA apps will ask for your consent to transfer data, just like how UPI apps ask for consent before transacting money.
  2. We will stay in control of our data always. Give/ revoke access anytime.
  3. Higher trust with FIUs due to consent management + data blindness of AAs.

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)