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:
Approve and manage consent for data sharing
- While approving the consent request, select the specific bank account(s) from which you want to share financial data. If you’ve added more than one account in Anumati (in Step 2), you can select which of these account(s) you would like to share data from.
- Once you give consent, Anumati will connect bank to fetch the required data and pass it on to the requesting lender securely in an encrypted format.
- Under RBI regulations, Anumati cannot access, much less store your data.Bank merely execute consented data transfer. Simply put, data is fetched and passed in a secure manner with explicit customer consent.
