An individual can safely and digitally access and exchange information from one financial institution with whom they have an account to any other regulated financial institution. This is made possible with the use of an account aggregator RBI (AA), a specific category of RBI-regulated firm (with an NBFC-AA license). One of the advantages users get is the safety of their personal information that cannot be disclosed without their consent. There are numerous account aggregator frameworks from which one might select.
What is the account aggregator framework of RBI?
The ecosystem of account aggregator framework of RBI enables the interchange of financial data in real-time between regulated companies. The RBI, IRDA, PFRDA, and SEBI, the four main financial authorities, joined forces to permit regulated firms under their control to share data with account aggregator after obtaining user approval.
How can the financial situation be improved with the new AA network?
Consumers in India now must deal with a variety of inconveniences related to the financial system, including exchanging physically signed and scanned copies of bank statements, rushing about to notarize or stamp papers, and being required to submit your unique username and password in order to reveal your financial history to a third party. All of them would be replaced by the simple, mobile-based, clear, and secure digital data access & sharing mechanism offered by the account aggregator of RBI network. This will create opportunities for new services like different forms of loans.
Anumati by Perfios AA is an RBI-licensed account aggregator of RBI that aids you in keeping track of the data you have stored with different financial institutions, aggregating that data, and deciding with whom to share it. This is all within a very secure system that has undergone a safety and security audit by the RBI. Additionally, Anumati never sees your data, so only you can access it and share it as you see fit. Here is how this platform can assist in the real world. Consider that you are requesting a loan to pay for a particular buy. In order to authorise your loan, the lender needs your last six months’ worth of bank statements. Some of the alternatives are:
1.If you are applying online, you must first download the statement from your bank, keep track of the statement password, upload the statement to the lender’s website, enter the password again, and pray for a steady internet connection.
2.If you are not interested in self-service, you would take help from a sales representative, and after getting confirmation of his identity, offer him the printed statement.
3.Alternatively, you could search for an account aggregation platform, instantly link your bank account or accounts, and then, in three steps, fetch and share data with the lender directly through your bank. In a matter of seconds. Without anyone in the middle or time wasted downloading from one website only to upload at another, the process is 100 percent safe and secure.
Know more about Anumati’s operation
Under the RBI license, Perfios Account Aggregation Services Pvt. Limited provides Anumati, a consent manager and account aggregator of RBI. Anumati provides a straightforward, user-friendly interface that lists all of your bank accounts, enables you to decide with whom to share your financial information, and periodically checks how the data is being collected. At any moment, you may change, renew, or cancel your consent (this could have an impact on how you interact with a possible lender). Your data can be securely accessed by Anumati, which can then send it to authorized banks, only with your consent. Everything is carried out in secrecy and out of public view. Your data cannot be viewed by, or used in any other way by anyone. Your data is protected, safe, and secure.
Where do you begin?
Anumati offers a straightforward three-step procedure to begin serving you:
Set a 4-digit secret PIN and enter the phone number you have registered with your bank. Anu will send an OTP right away to confirm the mobile number. Your account will be activated with [Your mobile number]@anumati as your handle after verification.
Discover and add bank accounts
Anumati looks up and identifies all of the banking accounts connected to your mobile number. To link accounts to your account aggregator of RBI, just choose the accounts you want to. You can manually add more accounts from the participating banks and financial institutions if you want to. There is no restriction on the number of accounts you can add.
When you submit an online loan application, the lender will ask you to disclose your financial information over a number of different channels.
What additional services are available to customers?
Access to loans and money management are the two main services that can be improved for an individual. There are numerous documents that must be submitted with the lender today if a customer wants to obtain a small company or personal loan. Since it is currently a manual process, getting a loan and getting access to one takes longer. Similar to how managing money is tough today due to data being stored in numerous places and being difficult to bring together for analysis. Account aggregator framework of the RBI streamlines the loan application process, allowing businesses to quickly and economically access secure, tamper-proof data and help clients get loans.
Anumati collaborates with the majority of top banks and financial organisations. The team is always on the lookout for contacting other organisations and working to welcome them as partners. Many leading banks are in discussions, so perhaps they will be able to soon welcome them to their network. The team at Anumati also intends to eventually include securities companies and include these institutions in their network.