On Thursday, September 2nd, 2021, eight Indian banks, four account aggregators, and the government’s Goods and Services Tax Network announced the rollout of the Account Aggregator ecosystem.
This will aggregate all financial information of individuals in one place, democratise lending, and enable institutions to make better and faster decisions.
And we, at Finezza, are delighted to be a part of this innovation.
— Santosh R Shetty (@santois) September 2, 2021
From the news: RBI Deputy Governor, M Rajeshwar Rao, said the Account Aggregator framework would help improve the availability of financial services while doing away with paper-heavy processes.
Rao added, “Disruptions to business due to the Covid-19 pandemic have worsened the credit gap in the country. This credit gap can further cause delays in the credit approval process. The Account Aggregators can act as intermediaries here to provide accurate financial data with the explicit consent of the borrowers.”
While this change is largely led by the banks, it needs the support of the entire financial ecosystem — including NBFCs, Registered Investment Advisors (RIAs), and Technical Service Providers (TSPs).
TSPs play a significant role in developing the foundation modules that connect FIP and FIU modules to the account aggregators in the ecosystem. But the role of TSPs is not limited to the development of FIP and FIU modules.
TSPs can help fintech products in various areas — from use cases for the AA ecosystem, Early Warning monitors, Digital Lending and Onboarding, product design of FIU apps, and more.
At Finezza, we have been providing customised AI-powered technical solutions to banks, NBFCs, and financial/lending companies for several years now. We feel elated to be recognised by ProductNation/iSPIRT, a technology think-and-do tank, as one of the key Technical service providers (TSPs) in the evolving Account Aggregator System in India.
To know more about the Account Aggregator Ecosystem Go Live sessions, visit iSPIRT’s YouTube channel.
Finezza is looking to empower financial institutions with its innovative next-gen fintech solutions. To know more, contact us or call Santosh at +91 98450 76647, or Krishnan at +91 90046 89536 today.