OneMoney recently launched the beta version of its Account Aggregator mobile app on Google’s Android Play Store. They have already onboarded IndusInd Bank, Axis Bank and Bajaj Finserv. In February or March 2021, the Financial Information User (FIU) side of the AA ecosystem will be in place as well.
Progress on rolling out AA services has taken time since banks and other financial companies need to build consent layers within their operations. As of date only a handful of banks and non-banks are working on it and only three of them have registered themselves on the Financial Information Provider side of the framework.
While the FIP arm of the company is responsible for sending customer information, the FIU of the AA system consumes it to provide services to the customer. At present since the system is not populated by banks on either side, independent use by consumers will take at least few months’ time.
Essentially, the AA system allows banks and financial companies to share customer information across various services based on the users’ consent. It is one of the ‘data rails’ in addition to the National Health Stack. Onemoney is one of the licensed entities, by the Reserve Bank of India (RBI) to act as intermediaries between consumers and their data.
In the case of a bank depositor/borrower, the AA’s will pull the information from one bank and transfer it to another bank or financial institution. Over time the system hopes to ensure that all financial institutions can access 18 classes of financial information, as per the RBI’s guideline. The AA’s on their part provide customers with a mobile or desktop interface and manage consent flows. They, however, are barred from accessing or storing the information being transmitted between financial companies.
