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Account Aggregator Community Event: How will data drive the next generat.. Sahamati held the Account Aggregator Community event on Dec 28, 2020 to recognize the entities (account aggregators, Financial Information Providers, Financial Information Users) who have been certified and are production ready. The panel discussion ‘How will data drive the next generation of Digital Finance?’ was moderated by Amit Goel (Cofounder, Medici). The expert panel consisted of Saurabh Nigam (CTO, DMI Finance), Manish Bhatia (President- Lendingkart Technologies), Srikanth Rajagopalan (CEO, Perfios AA), and Arjun Singh (Managing Director, Asia, Yodlee).

Since 2009. INDIA’S INVESTMENTS IN ITS DIGITAL financial infrastructure—known as “India Stack”—have sped up the large-scale digitization of people’s financial lives. As more and more people begin to conduct transactions online, questions have emerged about how to provide millions of customers adequate data protection and privacy while allowing their data to flow throughout the financial system. Data-sharing among financial services providers (FSPs) can enable providers to more efficiently offer a wider range of financial products better tailored to the needs of customers, including low-income customers. However, it is important to ensure customers understand and consent to how their data are being used. India’s solution to this challenge is account aggregators (AAs). The Reserve Bank of India (RBI) created AAs in 2018 to simplify the consent process for customers. In most open banking regimes, financial information providers (FIPs) and financial information users (FIUs) directly excha

Account Aggregators: India’s Innovation in Financial Sector(1) Since 2009. INDIA’S INVESTMENTS IN ITS DIGITAL financial infrastructure—known as “India Stack”—have sped up the large-scale digitization of people’s financial lives. As more and more people begin to conduct transactions online, questions have emerged about how to provide millions of customers adequate data protection and privacy while allowing their data to flow throughout the financial system. Data-sharing among financial services providers (FSPs) can enable providers to more efficiently offer a wider range of financial products better tailored to the needs of customers, including low-income customers. However, it is important to ensure customers understand and consent to how their data are being used. India’s solution to this challenge is account aggregators (AAs). The Reserve Bank of India (RBI) created AAs in 2018 to simplify the consent process for customers. In most open banking regimes, financial information p

India Stack and the Role of Account Aggregator by Sanjay Jain In our masterclass series held during the first Account Aggregator Hackathon, Sanjay Jain, Partner, Bharat Innovation Fund walks us thru IndiaStack.org - identity (Aadhaar), payments (UPI), data (Account Aggregators).

The Ministry of Electronics and Information Technology, MietY, played an instrumental role in building out the AA infrastructure. AA is based on the national standard managed by MeitY for Electronic Data Consent and follows the Open API guidelines that have been issued under MeitY.

On 26th April 2019, Seven of these AAs has gone into a closed user group testing. This is an epoch moment when the users in India can claim ownership over their own financial data. We hope that this will accelerate the revolution of cash flow based lending that will replace the existing paradigm of collateral-based lending. This isn’t only a consumer-centric innovation. Access to the right data means lenders can proactively monitor and evaluate currently disbursed loans. Such a move will not only increase the quantity of lending through increased access but also the quality of lending through better screening of borrowers, early alerts, etc. For more information, please visit: https://sahamati.org.in/

The Data Empowerment and Protection Architecture (DEPA) empowers every Indian with control over their data. It democratises access and enables secure portability of trusted data between service providers. The purpose of the talk is to make the audience understand the technological, institutional, market, and regulatory architecture of India's Data Empowerment and Protection Architecture. In addition, it outlines its impact on existing data processing businesses and how people could contribute towards and solve for financial and health inclusion using this new consented data sharing infrastructure that’s being built in India.