Account Aggregators: What Are They and How Will They Change the Fintech Ecosystem?

Account Aggregators: What Are They and How Will They Change the Fintech Ecosystem?

Account Aggregators (AAs) are about to take the fintech market by storm. Remember how UPI completely changed how people send money? No more awkwardly splitting restaurant bills, or digging for exact change to pay off that friend who's been bugging you for months.

Account Aggregators (AAs) are about to take the fintech market by storm. Remember how UPI completely changed how people send money? No more awkwardly splitting restaurant bills, or digging for exact change to pay off that friend who's been bugging you for months.

Account Aggregators (AAs) are about to do that for all other types of financial transactions in India!

Imagine sending your bank statements in a single click, rather than having to print and deliver them. Or small businesses being able to share their financial data and get a loan in minutes, not months. Or sharing valid financial documents without having to sign them 100 times and show 10 forms of ID.

Whether you're a fintech startup or a financial giant, it's imperative to learn the ins and outs of AAs before they transform the Indian fintech industry.

Looking for a primer on what an Account Aggregator is? Or how your fintech company can use it? Or where it should fit into your fintech product? Or what DEPA, OCEN, and the rest of the AA jargon actually means?

Keep reading for an explanation of all Account Aggregator concepts in layman's terms, a clear understanding of the changing fintech landscape, and how to prepare your product infrastructure and internal capabilities to adapt to AAs.

What Exactly Is an Account Aggregator?

  • Financial Information Providers (FIPs): organisations that hold your financial data e.g banks, insurance companies, mutual funds, pension funds, etc.
  • *Financial Information User (FIUs): *organisations that consume financial data to provide consumer services e.g. banks, lending agencies, insurance companies, personal wealth management companies, etc.

fintech data-security data-privacy data-sharing account-aggregators fintech-trends fintech-and-banking india

Bootstrap 5 Complete Course with Examples

Bootstrap 5 Tutorial - Bootstrap 5 Crash Course for Beginners

Nest.JS Tutorial for Beginners

Hello Vue 3: A First Look at Vue 3 and the Composition API

Building a simple Applications with Vue 3

Deno Crash Course: Explore Deno and Create a full REST API with Deno

How to Build a Real-time Chat App with Deno and WebSockets

Convert HTML to Markdown Online

HTML entity encoder decoder Online

Data Privacy: Who Will Win the Data Policy War?

The winners of the war triggered by new data usage regulations will be companies that leverage their own data and ensure their customers' data privacy.

Data Loss Prevention: What is it, and Do You Need it?

Data Loss Prevention is a set of tools and practices geared towards protecting your data from loss and leak. Even though the name has only the loss part, in actuality, it's as much about the leak protection as it is about the loss protection. Basically, DLP, as a notion, encompasses all the security practices around protecting your company data.

AI & Data Science India Salary Study - 2021

The report, now in its sixth year, looks at the distribution of average salaries across several categories. AI & Data Science India Salary Study - 2021

MeitY Needs To Consider IFF’s Recommendations For Data Centre Policy

The Internet Freedom Foundation recently published its recommendations for the Data Centre Policy by the MeitY.

How Has COVID-19 Impacted Data Science?

In this article, we'll discuss how the COVID-19 pandemic is affecting the data industry and how enterprises can prepare for the data challenges to come in 2021 and beyond.