Eight Major Banks Have Joined The Account Aggregator (AA) Network:
Eight major banks have joined the Account Aggregator (AA) network that will enable customers to easily access and share their financial data
- An AA is a framework that simply facilitates sharing of financial information in a real-time and data-blind manner (Data flow through AA are encrypted) between regulated entities (Banks and NBFCs).
- The RBI (Reserve Bank of India) in 2016 approved AA as a new class of NBFC (Non Banking Financial Companies), whose primary responsibility is to facilitate the transfer of user’s financial data with their explicit consent.
- AAs enable flow of data between Financial Information Providers (FIPs) and Financial Information Users (FIUs).
- The architecture of AA is based on the Data Empowerment and Protection Architecture (DEPA) framework.
- DEPA is an architecture that lets users securely access their data and share the same with third parties.