Table of contents
.svg)
What Is an Account Aggregator?
What is an Account Aggregator?
An Account Aggregator is a system that lets financial data move safely between banks and financial institutions, only with clear permission.
No passwords.
No PDFs.
No email attachments.
Just consent.
What an Account Aggregator really does
An Account Aggregator is an RBI-regulated entity that helps people view and share financial information digitally.
It does not store money.
It does not store data.
It only transfers information when permission is given.
That permission is the entire system.
The framework is regulated by Reserve Bank of India, which means rules are strict and monitored.
An example
Picture this.
A loan is needed. The bank asks for bank statements, salary slips, and investment details.
Traditionally, this means:
- Downloading statements
- Emailing files
- Uploading PDFs
- Waiting for verification
Now the same situation with an Account Aggregator.
Consent is given once.
The bank directly receives verified data from existing banks and institutions.
No documents shared manually.
The loan moves faster.
The stress drops.
That’s the core value.
How Account Aggregator works in simple steps
The flow is easier than it sounds.
Here’s how it usually works:
- A financial service asks for specific data
- Consent is requested clearly
- Permission is approved for limited use
- Data moves securely between institutions
Nothing happens without approval.
Nothing continues after consent expires.
Control stays with the individual.
What kind of data can be shared
Account Aggregators deal only with financial information, such as:
- Bank account statements
- Credit card summaries
- Mutual fund holdings
- Insurance policy details
No browsing history.
No personal messages.
Only regulated financial data.
And only for the purpose approved.
What Account Aggregators do NOT do
This part matters.
An Account Aggregator does not:
- Hold money
- Store financial data
- Sell information
- Share data without permission
Think of it as a secure pipe.
Data flows through. It doesn’t sit there.
Why Account Aggregator exists
The old system was messy.
Too many files.
Too many formats.
Too much manual checking.
Account Aggregator fixes this by creating a standard, digital, consent-based system.
Benefits include:
- Faster loan approvals
- Cleaner financial view
- Less paperwork
- Better data accuracy
No guessing. No outdated statements.
Is Account Aggregator safe?
Yes, by design.
Every data request is:
- Encrypted
- Purpose-specific
- Time-bound
- Revocable
Consent can be withdrawn anytime.
Once revoked, access stops. Immediately.
That’s the safety layer.
Who can use Account Aggregator
Account Aggregator is useful for:
- Loan applications
- Investment platforms
- Personal finance apps
- Credit assessment
Any service that needs verified financial data can use it, as long as it’s part of the AA network.
Common confusion points
These come up often:
- Account Aggregator is not a bank
- It does not replace net banking
- It does not auto-share data
Everything runs on permission. Always.
FAQ
Is Account Aggregator mandatory?
No, it’s optional and consent-based.
Can data be misused?
No, data moves only for approved purpose and duration.
Can consent be cancelled?
Yes, anytime.
In short
Account Aggregator puts financial data control back where it belongs.
With the individual.
Digitally. Securely. Cleanly.
Curious how Account Aggregator simplifies everyday money decisions?
