AA is a data sharing protocol between financial institutions that is envisaged as a mechanism to reduce the need for individuals to wait in long bank branch queues, use complicated internet banking portals, share their passwords, or seek out physical notarisation to access and share their financial documents securely.
The protocol, which is the world’s largest open financing ecosystem, is expected to unleash India’s next wave of financial inclusion and fintech innovation. It also has a consumer consent layer where users can use NBFCAA to control their data that is being used by financial institutions. As many as 1.1 billion bank accounts, including all major public and private bank accounts, have now gone live in India’s AA ecosystem, as per Sahamati, a not-for-profit body that is building the AA ecosystem.
With customer consent, these AAs will share with financial entities user data across bank accounts, insurance, mutual fund investments, pension fund and financial service providers. These companies have worked on their respective platforms to respond to requests for data from financial information providers (FIPs), and act as an intermediary between FIPs and FIUs (Financial Information Users).
The list also includes firms such as Agya, CRIF Connect, Dashboard, Digio Internet and Unacores.
