Put yourself in the driver’s seat of
your financial information
Frequently Asked Questions
Account Aggregator (AA) is a consent manager for Financial Data flow: a new class of NBFC approved by RBI to manage consent for financial data sharing. It was created through an inter-regulatory decision by Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA) through Financial Stability and Development Council (FSDC). RBI licenses the AAs. AAs are data blind and have no access to the user’s data throughout the transmission of data.
Participants of an AA ecosystem are FIP, FIU and Account Aggregators.
FIP: FIP stands for ‘Financial Information Provider’ – the data fiduciary. FIPs are the institutions which hold your data, for e.g. For example, your Bank, NBFC, Mutual Fund Depository, Insurance Repository, Pension Fund Repository, etc.
FIU: FIU stands for “Financial Information User’. An FIU consumes the data from an FIP to provide various services to the end consumer. For e.g. a lending Bank wants access to the borrower’s data to determine if a borrower qualifies for a loan. The lending Bank is the FIU. Banks play a dual role – both as an FIP and an FIU.
Account Aggregators: AAs are a new class of NBFCs approved by RBI to manage consent for financial data sharing. The AA will fetch, consolidate and transfer (but not read or store) the encrypted data from
- Savings and current accounts
- Investment accounts –Equity and MFs
- Public provident fund and income tax return data
- Insurance companies
- GST for MSMEs
enabled through open Application Programming Interface (API) connections.
- User (individual or MSME) opens an account with an AA and link their bank accounts, insurance policies, equity, mutual fund, or GST (for MSMEs only) etc. On successful setup, user will be able to have a consolidated view of her/his/their financial assets in one app.
- At any point of time, the user can refresh to view their balances & transactions from the above-mentioned sources.
- In the event of a user applying for a loan product, she/he can digitally transmit the supporting documents to the Lender processing the loan application. This is done via consent to lender (FIU) to access his/her financial data through the AA.
- After consent is provided, the AA fetches information from the FIPs.
- The data, in turn, is sent to the lender.
- At any point of time, the user can view, pause & restart or revoke the consent provided to the lender
- Aggregated view: The user can get one view of his/her financial assents in one screen and save precious time in culling out information from various bank portals in case of any borrowing need.
- Wealth Management: Seamlessly share data digitally to personal finance management apps and wealth managers to effectively manage one’s portfolio.
- Data Security & consent: The data is shared across the FIP to FIU upon digitally verifying the user’s identity through multi factor authentication and AA managing the consent. The user has at any point of time to pause or revoke consent. The framework is encrypted end to end and the FIUs will have to strictly adhere to the Data Governance guidelines to prevent misuse of data.
- Reduction in cost of loan issuance: The cost of disbursement of loans will reduce due to the availability of asset information digitally and reduction of other overhead cost for the lender reduces.
The user should verify the incoming consent for the following:
- Name of the FIU sending the consent
- Nature of the consent eg. Lending, Wealth Management etc.
- Frequency of sharing the data eg. Daily, weekly or monthly.
- Validity of the consent. The end date should be mentioned in the request
Saafe is free for users and MSMEs to view their financial asset balances from their FIPs.
Saafe charges the FIUs for the data calls and this is based on the board approved policy on pricing and any preferred agreement that Saafe has with the individual FIUs.