Let's talk about Account Aggregators

[hks789]

An Account Aggregator (AA) is a type of RBI-regulated entity (with an NBFC-AA license) that helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the AA network. Data cannot be shared without the consent of the individual.

In simple words, you can track your balance and transactions of all your financial accounts in one place.
Other than that, this will enable paperless account verifications for loans, card applications, etc.

Read More https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1753713

Currently Fi App, IndMoney has limited support for this - They use data from Account Aggregator Finvu.
There are others like OneMoney, CAMS Finserv, and NADL. They are not really consumer-friendly apps - With limited UI and UX polishing

Soon PhonePe and CRED will join the band (Hopefully with a good user interface).

Finvu App

 

[gautampai]

Is there any aggregator as such for credit cards? Other than Cred.

 

[hks789]

Is there any aggregator as such for credit cards? Other than Cred.

Right now CRED is not really an aggregator, they are basically parsing the data from email statements.
This will change when they add AA implementation. The app will get data directly from banks.

IndMoney app also has a statement reading feature.

 

[TheMentalist]

Right now CRED is not really an aggregator, they are basically parsing the data from email statements.
This will change when they add AA implementation. The app will get data directly from banks.

IndMoney app also has a statement reading feature.

What data does FinVu require in order to fetch all my account details??

 

[hks789]

What data does FinVu require in order to fetch all my account details??

Mobile number and OTP.
Works just like UPI integration.

This is a one time process. Once AA consent is given, app can automatically fetch data in regular intervals.

 

[TheMentalist]

Mobile number and OTP.
Works just like UPI integration.

This is a one time process. Once AA consent is given, app can automatically fetch data in regular intervals.

So they will fetch all accs linked to that mobile number? or on basis of my Aadhaar/PAN?

 

[gautampai]

So they will fetch all accs linked to that mobile number? or on basis of my Aadhaar/PAN?

Basis of mobile number. Most of the banks you'll find it in there. Just choose the bank, it'll fetch account details and then OTP verification and you're done.

 

[anonymuos]

Jupiter relied only on SMS to show account balance in one place but now uses RBI's account aggregator framework.

 

[kej]

Does this aggregate the credit card spends as well?

 

[gautampai]

Does this aggregate the credit card spends as well?

No , only Bank accounts aggregation.

 

[hks789]

Does this aggregate the credit card spends as well?

Not at the moment. But eventually the system will have details of all financial accounts like fixed deposits, mutual funds, credit lines, card details, loans, pension schemes etc

 

[Wealth is my birth right!]

Not at the moment. But eventually the system will have details of all financial accounts like fixed deposits, mutual funds, credit lines, card details, loans, pension schemes etc

ok i thought its only showing acc balances, FD's associated its cool!

 

[Wealth is my birth right!]

Mobile number and OTP.
Works just like UPI integration.

This is a one time process. Once AA consent is given, app can automatically fetch data in regular intervals.

so after 2 yrs when i go to finvu and check balance it will ask otp again?
also a small question by providing acc access consent will it harm our account like any charges for this service will be debited by finvu from any of our accounts

 

[ichiprof]

so after 2 yrs when i go to finvu and check balance it will ask otp again?
also a small question by providing acc access consent will it harm our account like any charges for this service will be debited by finvu from any of our accounts

No charges. It's free. And you can see in the details what details are being shared.

 

[Wealth is my birth right!]

No charges. It's free. And you can see in the details what details are being shared.

good to go then.
since i'm familiar with CAMS on some MF investment i tried camsfinserv but its not serving ios app they have android only it seems

 

[hks789]

so after 2 yrs when i go to finvu and check balance it will ask otp again?
also a small question by providing acc access consent will it harm our account like any charges for this service will be debited by finvu from any of our accounts

As per the official doc, some AA may charge fee for using their services. In any case that will be mentioned before you start using it.
We have to pay by ourselves, AA dont have any modification or transaction access to our accounts.

Since this makes verifications easier and paperless banks will be more than happy to have tie up with these services. So do wealth management companies.

Heard Axis already started integrating AA for loan applications from sept 2022

 

[hks789]

so after 2 yrs when i go to finvu and check balance it will ask otp again?
also a small question by providing acc access consent will it harm our account like any charges for this service will be debited by finvu from any of our accounts

You can configure how long the consent is valid for. If it is less than 2 years, you have to provide otp consent again

 

[Rishabh]

Best aggregator is Perfios. Earlier it was named as Kotak Money watch 4-5 years ago but then Kotak ended the tie-up.
Am using this from past 8 years and seriously it makes your life easy in managing money. They have Free tier, Gold & Platinum plan which you can select based on your needs.

 

[Wealth is my birth right!]

As per the official doc, some AA may charge fee for using their services. In any case that will be mentioned before you start using it.
We have to pay by ourselves, AA dont have any modification or transaction access to our accounts.

Since this makes verifications easier and paperless banks will be more than happy to have tie up with these services. So do wealth management companies.

Heard Axis already started integrating AA for loan applications from sept 2022

Axis after redhat award they're digital forerunners in finance world!
yes paperless thats all the future

You can configure how long the consent is valid for. If it is less than 2 years, you have to provide otp consent again

nice its better we keep less time to protect if phone lost scenarios

 

[hks789]

Best aggregator is Perfios. Earlier it was named as Kotak Money watch 4-5 years ago but then Kotak ended the tie-up.
Am using this from past 8 years and seriously it makes your life easy in managing money. They have Free tier, Gold & Platinum plan which you can select based on your needs.

Their UI is not very mobile friendly. While adding accounts, it is asking for User ID and password of bank accounts. I am not sure if AA integration works based on user id and password. AA integration in Finvu is seamless, it automatically fetches the account details with mobile number and authenticate with OTP

Perfios - Apps on Google Play

PERFIOS - PERsonal FInance One Stop Easiest way to track your money.

play.google.com

Is this the right one?
Update: From their website

Perfios Account Aggregation Services Pvt Ltd. has received an in-principle approval from the Reserve Bank of India for implementing and providing NBFC-AA (Account Aggregation).
They haven't received operational approval yet. So the current app may not be AA-integrated.