What is an Account Aggregator?

An Account Aggregator is a financial service platform that consolidates financial information from various sources like banks, insurance companies, investment firms, and other financial institutions approved by RBI, Sahamati. It provides a unified view of a user's financial data, making it easier to manage and analyze financial assets and liabilities.

Currently you can track bank accounts, other investments are expected to come soon.

Are Account Aggregators approved by any financial services regulator?

Yes, Account Aggregators are approved by RBI, Sahamati and are regulated entities.

Reason to use an Account Aggregators

The use of account aggregators enables users to better track their bank accounts from providing users with comprehensive insights into their financial statuses to transactions conducted and bank balances of multiple accounts.

The numerous benefits offered including:

Overview of Bank Accounts
Real-Time Updates
Transaction Tracking
Spending Insights
Consolidated Bank Statement view

Do Account Aggregators ensure the security of my financial data?

Account Aggregators implement security measures such as encryption, secure authentication, and other industry-standard security protocols to ensure the safety and confidentiality of your financial data. They are regulated by financial authorities which mandate strict security and privacy measures.

List of financial institutions are currently live

All the Banks that have gone live as FIPs (financial information providers) are allowing consent requests to be raised for Savings Accounts held by a single person and some of the Banks are also live on Sole Proprietor Current Accounts. While the FIPs are working towards including all types of accounts defined by RBI, a quick view of the Activation Status of various types of Accounts for each of the FIPs can be seen here: link. Currently Finvu has on boarded 20+ banks, and are constantly working to onboard more banks.

Current operational challenges experienced by banks

Bank Name Issues Known Issues
HDFC Bank Minor Transaction data is not real time- may take 2-3 hours to reflect (Summary data is realtime)
Axis Bank Partial Bank does not share exact timestamp of transaction.
Bank of India Partial At times refresh doesn't happen.Bank of MaharashtraPartialMore time is taken to refresh.
Canara Bank Partial Transaction time can't be seen.
Punjab & Sind bank Partial. More time is taken to refresh.
Central Bank of India. Major At times refresh doesn't happen, and additional OTPs are sent.
Federal Bank. Major. Transaction time can't be seen.
Indian Bank. Major. At times refresh doesn't happen.
South Indian Bank Major If there is a failure in the consent then the user won't be able to approve consent.Kotak Mahindra Bank Blocker No bank account can be discovered
State Bank of India Blocker No bank account can be discovered

Can I manage multiple financial accounts with an Account Aggregator?

Yes, Account Aggregators are designed to manage multiple financial accounts. They collect and organize data from different financial institutions, providing a centralized platform to view and manage all your financial information.

How do Account Aggregators handle consent for data sharing?

Account Aggregators operate on a consent-based data sharing model. They require explicit consent from users before collecting or sharing financial information.

Can users revoke consent to share data?

Yes, All consent provided is designed to be revocable.

Would my data be shared automatically if I join an Account Aggregator platform? Can I exit?

No, your consent would be required before your data is shared even after you have joined the Account Aggregator platform.

Yes, you can exit the Account Aggregator platform after joining.

Can bank accounts with Joint holders be linked?

No, bank accounts that have Joint holders can`t be linked.

Based on this calculation, Shruti might consider purchasing a life insurance policy worth approximately Rs.3.78 crores to ensure that his family maintains their lifestyle and can meet future financial obligations.

Real-time updates provided by Account Aggregators at Nobias

Nobias provides a real-time update through Account Aggregator Finvu at the time of onboarding and then daily updates on account balances, transactions, and other financial activities, ensuring you have up-to-date information for decision-making.

Does Nobias pay a subscription for this service?

Yes, Nobias pays Finvu a monthly per user fee to Finvu.

Why isn't my account data refreshing?

If your account data isn't refreshing, it could be due to various reasons. Common issues include:

Data refreshes happen daily
Server downtime at your bank or financial institution
Errors in account linking or incorrect login credentials

References
Sahamati FAQs https://sahamati.org.in/faq/
Moneycontrol Account Aggregator FAQs https://www.moneycontrol.com/account-aggregator/faqs

Account Aggregators FAQs