Account Aggregator Framework: The Future of Secure Universal Data Interface

Account Aggregator Framework: The Future of Secure Universal Data Interface

Authored by: Mohammed Mansoor    Reading Time: 03 min 50 sec

A customer’s financial information is distributed among several banks and financial service providers. This includes money in pension funds, insurance, mutual funds, and multiple bank accounts.

Account Aggregators (AA) are the third party that integrates Financial Information Providers (FIPs), such as banks, mutual funds, etc., to share user data. 

The i2A platform functions as a Technical Service Provider (TSP) for these Account Aggregator ecosystems, providing FIUs with the necessary API integrations to ensure the secure and seamless transmission of user information.

What is Account Aggregation?

Account aggregation is a process of collecting financial data from various sources into a single location. It is also known as financial data aggregation and extends beyond typical credit rating assets such as credit cards and loans to include cash flow and investments. Data sources include expenses, receipts, deposits, tax returns, equity investments, etc.

Account Aggregator

Financial Information User

Financial Information Provider
Account aggregators or AAs are RBI-regulated NBFCs that facilitate the collection of a customer’s financial information from FIP with the customer’s consent. FIUs receive digitally signed data from FIPs via account aggregators. FIUs use the data to provide consumers with loans, insurance, and wealth management services. FIPs are typically banks or NBFCs that hold financial information on their customers and share it with FIUs in response to requests made through an Account Aggregator.
AA facilitates the consolidation, arrangement, and presentation of the customer’s financial information depending on the customer’s mutual consent. According to the RBI directive, every entity needs to be a FIP first and then an FIU to ensure the ecosystem stays healthy. FIPs must be registered with and governed by at least one of the Financial Service Regulators, which include RBI, SEBI, IRDAI, and PFRDA.

Role of i2A in the AA ecosystem

i2A, as a TSP, works with FIUs and FIPs to deliver AA products and services. It creates the foundational modules that connect FIP and FIU modules to Account Aggregators in the ecosystem.

It assists FinTech products in various areas, such as underwriting models, SME Scorecards, app product design, etc. In addition, i2A operates as an intermediate-certified entity to provide AA ecosystem participants with a single-window onboarding experience.

Our platform provides a module covering all kinds of TSP requirements and AA ecosystem enhancement, TSP for 

      1. AA Data Standards
      2. Data Analytics
      3. User Experience

i2A Account Aggregation Solution

i2A provides Banks and Financial Institutions with technologically innovative and cost-effective AA integration solutions. We use Artificial Intelligence (AI) and Machine Learning (ML) Algorithms to automate credit & financial assessment & fraud detection throughout the banking & financial lifecycle.

Email us at business@isolve.global for more information on our account aggregation integration platform.

Key Takeaways

      1. Account Aggregators are third parties that link FIPs and FIUs, such as banks, mutual funds, etc.
      2. TSP for the Account Aggregator ecosystem supplies AAs with the necessary API integrations to ensure the transfer of user data is encrypted and smooth.
      3. As a TSP, i2A partners with FIUs and FIPs to provide AA services and products.
      4. i2A assists FinTech products in various domains, including underwriting models, SME Scorecards, app product design, etc.

Experience a Secure Account Aggregator Integration Ecosystem!!

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