Account Aggregator
The Account Aggregator Ecosystem is consent based data sharing mechanism 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.
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It helps the Lenders\Service Providers to leverage on Digital data acquired with the consent (Sahamati) from the Customers eliminating the need of physical documentation .Data cannot be shared without the consent of the individual.
Participants in the Account Aggregator Ecosystem
- Account Aggregator
- Financial Information Provider (FIP) & Financial Information User (FIU)
Bank of India is live on the Account Aggregator Ecosystem both as FIP and FIU. Financial Information User (FIU) can request for data from the Financial Information User (FIP) based on a simple consent given by the Customer on their Account Aggregator handle.
Customers can share Data digitally on real time basis. The framework is as per the Reserve Bank Information Technology (ReBIT) guidelines and follows data privacy and encryption standards.
Bank has onboarded Perfios Account Aggregation Services (P) Ltd (Anumati). for providing consent manager. Below are the steps to register:
Discover and add your bank accounts
- Next, Anumati AA automatically searches for savings, current, and fixed deposit accounts in participating banks linked to your registered mobile number.
- Once Anumati discovers your accounts, you can select the accounts you want to link to your AA. If you wish, you can manually add your accounts from the participating financial institutions as well. There are no limits to how many accounts you can link. You can unlink accounts at any time from Anumati.
