The Account Aggregator Ecosystem

Account Aggregator (AA) is an entity who is authorized to manage customer’s consent to share data between Financial Institutions to financial information users. AAs are data fiduciaries that fetch, consolidate, aggregate data from Financial Information Providers (FIPs) and present it to the customer basis explicit customer consent and present these data to Financial Information Users (FIUs).

 

Simply put, an Account Aggregator facilitates the flow of the loan applicant’s financial information between institutions that hold applicant’s data (FIPs) and institutions that will use this data to offer better services, underwrite loans etc. (FIUs)

 

In this manner, AAs act as a postman for managing consent of the data principle (loan applicant). It is important to note that Account Aggregators do this in real-time while also being data blind. Account Aggregators cannot view or store any of the data.

 

The 3 participants in the Account Aggregation Ecosystem are:

1. Account Aggregators
2. Financial Information Providers (FIPs)
3. Financial Information Users (FIUs)

 

The AA ecosystem looks like this:

 

 

Following is a list of the Institutions that are active as FIPs in the ecosystem	Following is a list of the Institutions that are active as FIUs in the ecosystem
Axis Bank HDFC Bank ICICI Bank IndusInd Bank Bajaj Finserv Federal Bank Karur Vysya Bank	Axis Bank HDFC Bank ICICI Bank IndusInd Bank Bajaj Federal Bank Karur Vysya Bank Lendingkart DMI Finance Epifi Goalteller IIFL Finance Kotak Mahindra Kairos Capital NeoGrowth

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