Account Aggregator Ecosystem; FIP & FIU

Account Aggregator (AA):

Account Aggregators are the entities approved by RBI who will be facilitating passing of customer financial information fetched
from one entity (FIP) and share it to other entity (FIU) so that Banks or NBFC’s can make a decision whether customer requests
such as loan sanction, credit line etc can be approved or not. Every user who will be using Account Aggregator route for any use
cases offered by Bank’s or NBFC’s, user has to register themselves on respective AA as per their wish. All the AA’s will be
working with FIP’s and FIU’s which are interoperable in nature.

Financial Information User (FIU):

FIU are entities who receive financial statement, Account Summary and Profile details of other Bank customer from Account
Aggregator for lending purpose or any other mentioned purpose as per RBI guidelines. All FIU’s will create consent request
which states the purpose and period for which data will be used and customer has to approve this consent upon which other
banks share customer data.

Financial Information Provider (FIP):

FIP means entites which share their customer financial information which includes Banking statement data, Account Summary
and profile details to outside bank via Account Aggregator. Every FIP will authenticate the customer via OTP before sharing any
data.

Frequently Asked Questions:

1. What are the list of participating bank in the FIP-FIU ecosystem?

Currently Axis bank, ICICI Bank, IndusInd Bank and HDFC Bank are among the banks to integrate with Account Aggregators in
the first wave of this ecosystem development. This list will be updated once more bank get on boarded on ecosystem.

2. Why should I sign up with an Account Aggregator and what are the benefits?

• An Account Aggregator unifies all your financial information in one single platform where after registering you just
need to give consent to the AA to fetch Financial information on your behalf whenever you need it.
• Account Aggregator also allows you the convenience of online processing with an additional layer of security and
privacy. You can control what data you share, from which bank, for how long, for what purpose and revoke access any
time.
• Also registering yourself with an AA enables you to a lot of flexible functionalities; you don’t have to upload your
documents or log-in to your bank’s Netbanking etc as these details can be fetched by an Account Aggregator for you
and be shared with the FIU as and when required before you apply for a loan with a financial institution.

3. Can I register at multiple Account Aggregators?

Yes. You can register with multiple Account Aggregators and choose the AA in “Choose AA” section while logging in to the
platform.

4. What are the ways I which I can register with Account Aggregators?

a.) Registration through AA’s platform/app:

Step 1: Choose one of the existing AA
Step 2: Go to the AA website and click on register or provide existing AA id
Step 3: Follow the steps and link your desired bank accounts with AA

b.) Registration can also be done through bank’s platform.

5. How to share my bank’s data through Account aggregator (AA) to FIU?

Please note that no data is being shared to an Account Aggregator here. An Account Aggregator is just a mediator who fetches
data from FIP and gives it to the FIU and all the data transferred is encrypted end to end and the aggregator cannot see the
data. This is as per the RBI guidelines.
Below are the steps how the process of linking of user’s accounts and consequently information sharing happens.

Step 1: Once customer has to register at AA website or application

Step 2: Customer need to create AA handle (e.g. mobilenumber@AA)
Step 3: Once AA handle is created, customer needs to discover all active bank accounts he/she has live in ecosystem (list of
participating bank is available in FAQs) based on its unique identification (e.g. mobile number)
Step 4: Customer will be shown all active bank accounts with masked account number, he/she will select the account (single or
multiple) which he/she wants to share with AA or FIU
Step 5: Customer clicks on linking the selected account
Step 6: Customer reviews the consent request sent by FIU and approves it.
Step 7: Data will be fetched from all selected FIPs and shared with FIU through an AA. AA will consolidate all the data and share
it to FIU.

6. What does the linking of accounts mean in an AA platform?

On the AA platform, once you have created your account and registered, a consent needs to be shared with the aggregator
which shall be stored at their end. Post this step, you wouldn’t need to log-in to bank’s netbanking or upload documents and
information in future as the Account Aggregator would fetch that data for you directly; as your account information is “linked”.
The linking process requires users to enter a unique identifier by which the FIP can discover your account (e.g: PAN number,
mobile number).
The FIP will verify that the user is the owner of that account by sending an OTP.

7. Can I choose which bank account’s information to be shown to a lender or FIU?

Yes, you may choose the bank account whose details you want to share with the lender after registering with an AA.

8. If I have registered to any AA before, can I use my AA id to share my financial data?

Yes, if you have already registered with AA, you can put your AA id at login section and complete the journey.

9. Is my financial information secured?

Yes. Please be assured that the standards followed by Account Aggregators are in compliance with norms laid by RBI and data is
secured. An account aggregator cannot view any financial information of the customer as it is encrypted end to end.

10. Can I revoke my consent to share any data to FIU in future?

Yes, customer can revoke the consent to share any data to FIU in future by logging in to selected Account Aggregator and
revoke the consent in consent management section.

11. Can I shut my Account Aggregator account?

Yes, a user can decide to delete your handle from an Account Aggregator’s platform at your convenience.

12. Can I port my consent from one AA to another?

No. This functionality is not available currently.

13. Is the Account Aggregator for individual customers only?

Yes, as of now this ecosystem is extended to all individual customer users only.

14. What kind of Data/Customer Information can an FIU view through an AA?

Currently, only asset based data is available such as bank accounts and deposits.