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

 

[Rishabh]

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.

Yes this is the right one, I personally never use mobile, their site is excellent and well organised based on asset types. Also regarding credentials, those are encrypted and stored either on their server or on your own machine. So they will never able to see your user id passwords and everytime it will ask for decryption password after login to trigger sync up of accounts. My experience of 8 years is excellent with them so far.

 

[hks789]

Yes this is the right one, I personally never use mobile, their site is excellent and well organised based on asset types. Also regarding credentials, those are encrypted and stored either on their server or on your own machine. So they will never able to see your user id passwords and everytime it will ask for decryption password after login to trigger sync up of accounts. My experience of 8 years is excellent with them so far.

The actual AA don't need user id and password, also RBI regulated. AA consent doesn't provide any transaction rights for them. But sharing user id and password is risky. Good that they are trustworthy. We can only trust their word on Encryption.


Their current implementation is similar to the Wallet App.

Hopefully this will get better when they receive Operational license for AA.

 

[amit5ire]

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.

Just to clarify, CRED is also parsing the data from the SMSs received on the handset.

 

[Fego AI]

The Account Aggregation Framework involves three key participants: Financial Information Providers (FIP), Account Aggregators (AA), and Financial Information Users (FIU).

Financial Information Providers(FIP) are institutions (usually banks and NBFCs) that contain your financial transaction details. These institutions who hold your financial data, upon request, share it with Financial Information Users(FIU) through Account Aggregators.

Account Aggregators (AA) are consent managers that serve as a data channel between Financial Information Providers(FIP) and Financial Information Users(FIU).

Financial Information Users(FIU) are customer service providers such as loan providers, insurance companies, or wealth management firms who request and obtain digitally signed data from Financial Information Providers(FIP) through Account Aggregators.

Here are the steps for users to use the AA system:
Step 1: Sign up with an Account Aggregator
Step 2: Discover all your bank and financial institution accounts with Mobile OTP Authentication
Step 3: Link all your accounts with the AA (just like UPI bank accounts linking)
Step 4: Sign in with your AA and provide consent when availing financial services such as loans, insurance, investment, personal finance management, etc.

You can manage all your accounts in one place, share financial data from all or selective accounts and revoke data consent anytime.

Benefits of Account Aggregator for Consumers​

• Simplified Financial Management: Account Aggregators enable users to consolidate all their financial data into a single platform. This provides users with a comprehensive view of their financial situation without the need to log in to multiple accounts
  
  
• Enhanced Efficiency: With all financial information in one place, users can efficiently plan and manage their finances
  
  
• Streamlined Access to Financial Products and Services: Account Aggregators facilitate quick access to personalized financial products and services, including loans, investments, insurance, and trading. This eliminates the need for lengthy form-filling and physical/digital verification processes
  
  
• Customized Offerings: The holistic view of a user’s financial situation provided by Account Aggregators enables financial institutions to offer tailored products and services that cater to the individual’s needs
  
  
• User Control over Data: Account Aggregators use secure APIs to fetch financial data, giving customers complete control over their information. Users can decide which institutions have access to their data, determine the duration of access, and revoke it at any time
  
  
• Financial Inclusion: Account Aggregators extend access to financial services to individuals with limited or no financial history. For instance, cash flow data from Account Aggregators can be used for loan underwriting, even for those without a credit history
  
  
• Innovation and Possibilities: As more data flows into Account Aggregators, users benefit from innovative financial services such as Personal Finance Management Apps and Budgeting Apps, opening up limitless possibilities

Bio:
Fego.ai is an open finance platform that empowers banks and fintechs with real-time financial transaction data, personal finance management tools and deep user financial behavioural insights in a bid to hyper-personalise their user journey, improve decision-making and enhance targeting. Fego.ai is a Technology Service Provider(TSP) in the Account Aggregator ecosystem. Aspiring to build Open Finance solutions? Hop onto: www.fego.ai for more details.

 

[CC-Muncher]

Data privacy and data leak is the biggest concern before using it.
One leak and all your data goes for a toss.
Also, can banks can use this data for offering there products (even if they say we wont use) ?

 

[supermohit]

is it safe to link all the accounts and give consent to finvu ?

 

[sahilgulati5]

even axis mobile app has this option. Axis has a tie up with account aggregators

 

[CC-Muncher]

Avoid them at all cost. Eventually your data is going to be sold and u will get calls for fin products like loan, einsurance from god knows what all place's

 

[great]

How to unlink