Business Management Software company Tally Solutions has launched its subsidiary, Tally Account Aggregator Services Pvt. Ltd, with its product TallyEdge.
Banks and NBFCs, which are also called Financial Information Users (FIUs) and Financial Information Providers (FIPs), can use TallyEdge to help create easy access to the lending ecosystem and other financial services. It allows users to consolidate all their financial information in one place. The information can be viewed or shared securely in real-time with their consent.
The company aims to address gaps in formal credit access to India’s MSME sector with this product. Tejas Goenka, Managing Director, Tally Solutions, said, “Historically, we have had a large MSME reach and have unique insights on their business process. This gives us a unique positioning to help with credit access, which requires multiple data points, and explore how one-click loan disbursements could be made possible.”
The product operating under the framework of an NBFC-AA licence, ensures 100 per cent secure digital data access, and consent-based data sharing with financial institutions. Its end-to-end data encryptions and digital signatures eliminate the scope for any vulnerability. With TallyEdge, users also have complete control over their data flow, where they can easily approve, reject, pause, and revoke any data sharing requests.
“We have been working on our Account Aggregator solution TallyEdge, with the underlying premise of making users the masters of their data. We have taken special care to ensure that the user’s data is 100 per cent safe, with no capability for us to read or store the user’s data at any point,” Goenka added.
TallyEdge plans to partner and work closely with banks, NBFCs, GSTN, insurance companies, payment banks, and others to ensure that Indian MSMEs and individuals can effortlessly consolidate and share, upon consent, their financial information with financial institutions, in the simplest, smartest, and most secure manner.
The company is looking at multiple ways of getting the service out and aims to introduce it to its own customer base first. It is building different ways of creating account aggregator IDs, and accessing data. And there would be an app, web service, and API plug-ins, noted Goenka.
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Published on October 26, 2023
