In today’s fast-paced digital era, individuals can now securely exchange and access information from one financial institution to another through an innovative system known as the Account Aggregator (AA) framework, developed by the Reserve Bank of India (RBI). This system, operated by firms holding an NBFC-AA license, ensures that users’ personal information remains confidential and can only be shared with their explicit consent. With multiple account aggregator frameworks available, users have the flexibility to choose the one that best suits their needs.
Understanding the RBI’s Account Aggregator Framework
The RBI’s account aggregator framework facilitates real-time financial data exchange between regulated entities. Developed in collaboration with four major financial authorities—RBI, IRDA, PFRDA, and SEBI—the framework allows regulated entities under their jurisdiction to share data with account aggregators, provided they have obtained user consent.
Enhancing Financial Management with the AA Network
India’s current financial system presents several challenges, such as the need to exchange physically signed and scanned bank statements, notarize documents, or share unique usernames and passwords with third parties to access financial histories. The RBI’s account aggregator network aims to eliminate these hassles by providing a simple, mobile-based, transparent, and secure digital data access and sharing system. This advancement paves the way for innovative services, such as new forms of loans.
Introducing Anumati: A Trusted Account Aggregator
Anumati, developed by Perfios AA, is a licensed account aggregator by the RBI that helps users manage and share their financial data securely. It has undergone rigorous safety and security audits by the RBI to ensure a high level of data protection. Notably, Anumati does not view users’ data—access is solely in the hands of the users, who can decide how and with whom to share their information. Here’s how Anumati simplifies real-world processes:
Scenario: Applying for a Loan
- Traditional Method: Apply online by downloading your bank statement, remembering the password, uploading the statement to the lender’s site, re-entering the password, and relying on a stable internet connection.
- Manual Method: Work with a sales representative to confirm their identity and provide them with a printed bank statement.
- Anumati Method: Use an account aggregation platform to link your bank accounts. In just three steps, you can directly share data with the lender securely and quickly, without intermediaries or unnecessary downloads and uploads.
How Anumati Operates
Anumati, provided by Perfios Account Aggregation Services Pvt. Limited, operates under an RBI license as a consent manager and account aggregator. Anumati offers a user-friendly interface, listing all your bank accounts and allowing you to choose who can access your financial information. You can easily modify, renew, or cancel your consent at any time, affecting how you interact with potential lenders. Anumati securely accesses your data only with your consent, transmitting it to authorized banks without public exposure. No one else can view or use your data, ensuring your privacy and security.
Getting Started with Anumati
Anumati offers a simple three-step process to get started:
- Register: Enter your bank-registered phone number and set a 4-digit PIN. Anumati will send an OTP to verify your mobile number. Upon verification, your account is activated with the handle [Your mobile number]@anumati.
- Discover and Add Bank Accounts: Anumati identifies all bank accounts linked to your mobile number. Select the accounts you wish to link to your RBI account aggregator. You can manually add additional accounts from participating banks and financial institutions. There is no limit to the number of accounts you can add.
- Manage Consent: When applying for an online loan, the lender will request access to your financial data through various channels.
Additional Customer Services
The RBI’s account aggregator framework offers two primary improvements for customers: access to loans and enhanced money management. Currently, obtaining a small business or personal loan involves submitting numerous documents to lenders. This manual process makes accessing loans time-consuming. Similarly, managing finances is challenging due to data being stored in various locations, making analysis difficult. The account aggregator framework streamlines the loan application process, enabling businesses to quickly access secure, tamper-proof data and assist clients in obtaining loans.
Anumati partners with most top banks and financial institutions, constantly expanding its network by engaging with new organizations. Discussions with several leading banks are underway, with plans to include securities companies in the future.