India Launches Account Aggregator To Extend Financial Services To Millions

On Thursday, eight Indian banks announced that they are rolling out -- or about to roll out -- a system called Account Aggregator to enable consumers to consolidate all their financial data in one place. From a report: The objective of Account Aggregator (AA) is to aggregate all financial information of an individual, said M Rajeshwar Rao, Deputy Governor of India's central bank -- Reserve Bank of India -- at a virtual event Thursday.

The new system makes it possible for banks, tax authorities, insurers, and other finance firms to aggregate data of customers -- who have provided their consent -- to get better understanding about their potential customers, make informed decisions and ensure smoother transactions. Users who provide consent -- and it only takes a few taps to do so -- will be able to share their financial information from one Account Aggregator participant to another through a centralized API-based repository. Users get to decide for how long they wish their data to be shared with a particular Account Aggregator participant.

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