Account Aggregator Ecosystem
Account Aggregator Ecosystem goes live with the objective to empower people with their own data.
Aspects & Use cases of AA Ecosystem
1)For financial planning & wealth management
2) For lending solutions automated information sharing with user consent , credit appraisal, etc.
3) Can be embedded to existing apps of financial institutions to enrich user experience
No data is stored at AA the level, and all exchanges happen in an encrypted manner between authorized parties in the ecosystem. User can also revoke the consent.
The backbone of this is the consent layer API called, Data Empowerment and Protection Architecture (DEPA).
Finvu (Cookiejar Technologies), Onemoney, NESL and CAMSfinserv are already live as account aggregators.
Three more companies, PhonePe, Perfios Account Aggregation Services and Envestnet | Yodlee have received in-principle approval from the #RBI.
Pic Credit: - Sahamati - driving Open Banking with Account Aggregator
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