Account aggregation, often referred to as financial data aggregation, is a process that involves gathering data from several accounts, such as investment accounts, bank accounts, credit card accounts, and other corporate or consumer accounts, and putting it in one location. In 2016, RBI unveiled the NBFC Account Aggregator (NBFC-AA) Framework. Many Account Aggregators carried out comparable task of combining financial data and offering analysis on the same for the client or a financial institution before to NBFC-AA framework. To put it simply, an RBI NBFC Account Aggregator is a company that can collect, combine, and show all a person's financial data in a way that makes it simple for the reader to comprehend and evaluate all that person's financial assets.
User’s trust in the service depends on the security of their financial information and account access data. The Account Aggregator’s services should be supported by the necessary contracts or authorizations between the aggregator, the financial service provider, and the client. The license’s terms and conditions must be adhered to by the Account Aggregator (such as customer protection, data security, audit function and control, corporate governance and risk management framework).
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