Account Aggregator

This document highlights the Account Aggregator (AA) API details.

Objective

The Account Aggregator module is used to fetch Bank Statement Data, with the consent of the user. It facilitates easy access and sharing of user’s financial data in a safe and secure manner.

Account Aggregator acts as a consent manager that fetches data from FIPs (Financial Information Providers) and provides it to the FIUs (Financial Information Users).

It consists of six primary components:

API	Description
Consent Request API	This API generates a URL enabling users to securely grant consent to a Financial Information User (FIU) for accessing their bank account statements. It serves as a gateway for users to authorize the retrieval of their financial data from associated Financial Information Providers (FIPs). Users can securely provide consent, defining the terms under which their data can be accessed and utilized by the FIU.
FI Request API	This API helps decrypt the response from the Account Aggregator, checks consent status, and triggers a data request.
FI Status API	This API checks the data request status.
FI Data API	This API fetches the final financial information record of the user from the AA.
FI Data Recurring API	This API fetches financial records in an async manner only for the cases of periodic fetches that the client call in the backend. The server sends a webhook event with the information once the data is ready.
PDF Format API	This optional API generates a PDF of the response.

Did you know?

• Account Aggregators (AAs) are regulated entities under the Reserve Bank of India (RBI) with an NBFC-AA license. They play a crucial role in empowering individuals to access and share their financial information securely and seamlessly between different financial institutions.

• AAs function as consent managers, orchestrating the flow of data between Financial Information Providers (FIPs) and Financial Information Users (FIUs) or clients. They ensure that data is shared securely and in compliance with user preferences, acting as a bridge between data providers like banks and data consumers such as lenders.

• AAs operate on a principle of data blindness, meaning they do not store, utilize, or sell user information. This emphasizes their commitment to data privacy and security, ensuring that users' sensitive financial information remains protected throughout the sharing process.

Procedure for End User

The steps for an end user in the AA process:

1. Provide their ten-digit phone number linked with their bank account(s). This serves as their user ID.
2. Confirm a one-time password (OTP) sent by the AA to the same phone number to verify their identity.
3. Verify their date of birth and Permanent Account Number(PAN).
4. Verify the AA consent details.
5. Select a Financial Information Provider (FIP) in which they have an account.
6. Select an associated account under the same FIP as step 5 to share the requested details with the Financial Information User(FIU).
7. Confirm a one-time password (OTP) sent by the FIP to the phone number registered against the selected account to verify their identity.