Account Aggregator

Account Aggregator

Account Aggregator (AA) is a type of RBI regulated entity acts as a common platform to enable easy sharing and consumption of data from various financial institutions with user's consent. The Account Aggregator help individuals to share their financial data with third parties in a safe and secure manner and give them greater control over how their data is being used.

An Account Aggregator obtains data from a Financial Information Provider (FIP) and provides it to a Financial Information User (FIU) after obtaining explicit Digital consent of the user. Financial information of the user cannot be retrieved, shared or transferred by the Account Aggregator without the explicit consent of the user. The data that flows through an AA is encrypted and can be processed only by the FIU for whom the data is intended. Also, an AA cannot store any user's data - thus, the potential for leakage and misuse of user's data is prevented. FundsMamaacts as a Financial Information User (FIU).

Various player under AA ecosystem are FIPs, FIUs, AAs and TSPs:

  • Financial Information Provider (FIP): FIPs are the institutions such as Bank, NBFC, Mutual Fund Depository, Insurance Repository, Pension Fund Repository, Asset Management Company etc., which provide data to FIU.
  • Financial Information User (FIU): Is an entity registered with and regulated by any financial sector regulator which consumes the data received from an FIP for easier access to credit, insurance and other financial products, or to just keep track of all their investments
  • Technology Service Provider (TSP): TSP collaborate with FIUs and FIPs to deliver AA products and services. TSPs develop foundation modules to the account aggregators in the ecosystem.

Account Aggregator model: The basic account aggregator model has 4 segments, they are Customer, Account Aggregator (acting as a Consent Manager or Financial Data Access Fiduciary), Financial Information Provider (FIP) and Financial Information User (FIU). Account Aggregator model in a pictorial view is appended below:

Account aggregators, essentially, will act as consent brokers, taking user permission to access their financial accounts and aggregate and organize all their financial information in one place. The data shared by the AA system will have secure digital signatures. The data will remain in encrypted form during its journey from FIP to FIU.

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The Advantages of the AA Framework

AA can make financial services like loans and credit facilities much more seamless and accessible for everyone using the existing digital infrastructure.


AA makes it effortless to gather data at the user's end and enter data at the service provider's end.


AA allows faster processing, and quicker access to products or services.


With entire financial profile at one place service providers gauge your needs in a better way.


Information for each synced account is up-to-date, and available online reducing margin for errors.


Financial data is directly delivered from authorised accounts eliminating data errors.


Aggregation increases transparency by helping you get better picture of your finances.

The following Account Aggregators are available with FundsMama:

1. CRIF Connect

2. One Money

A Unit Of Girdhar Finlease Private Limited

We strictly adhere to the RBI directives and have an efficient grievance redressal team to look into and resolve all types of grievances. We always strive for responsible lending, we only offer loans that we know will be easy for you to repay, and we charge ethical fees. We never believe in high pressure or forced recovery methods of any kind. But if you have a complaint, we take it seriously and solve the problem within 5-7 working days.

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