Account Aggregator

What is Account Aggregator?

It is a RBI regulated enterprise (with an NBFC-AA license) that facilitates an individual to digitally access and share information in a secured manner from one financial institution they have an account with (indicated as Financial Information Provider) to any other regulated financial institution (indicated as Financial Information User) in the AA network.

An Account Aggregator does not retain or store any customer data within its system. Instead, it acts as a secure conduit, facilitating the swift and secure transmission of data from one trusted financial service provider to another. This pivotal role ensures sensitive financial information remains decentralised, enhancing both security and privacy measures for the customers involved.

Financial Information Users (FIUs)

Financial Information Users are regulated financial entities that use the data of the end customers to provide them with services like loans, insurance, wealth management etc. FIU uses the data of the customer received from Financial Information Provider through the Account Aggregator after obtaining their explicit consent.

Financial Information Providers (FIPs)

Financial Information Providers are regulated financial entities that are the source of the end customer's data. Examples: Banks, Mutual Funds, Insurance Companies, NBFCs. FIP shares the data of the customer with Financial Information Users through Account Aggregators with the explicit consent of the customer.

How do Account Aggregators work?

• Customer can register with AA, through their app or website.
• Customer can choose the account or accounts they want to link.
• During the loan application with financial institution, customer consent is required for sharing of information. This consent is taken through OTP sent on customer's mobile no.
• Customer can select the account and choose the period for which the data should be shared with the financial institute.
• After receiving the data, the financial institution appraises the loan application and decides on the application.
• Customer can revoke consent by visiting the Account Aggregator website/mobile app.

Benefits of Account Aggregator

• The account aggregator network from Kotak Mahindra Prime operates in a completely digital landscape, facilitating rapid and immediate data transmission. This eliminates the necessity for physical paperwork or prolonged procedures typically associated with applying for financial products.
• Priority is placed on data security within Account Aggregators. They refrain from storing customer information and implement robust encryption protocols, ensuring the highest level of confidentiality and protection for sensitive financial data.

Role of Kotak Mahindra Prime in the Account Aggregator ecosystem

• Kotak Mahindra Prime Limited (KMPL) acts as an FIU (Financial information User) in the aggregator ecosystem.
• KMPL will share the data with a third party only as per specific prior consent obtained from the customer.
• KMPL will only retain the data for as long as it is necessary to fulfil the purpose save and as per applicable laws.

Kotak Mahindra Prime has a tie-up with the below AAs as an FIU.

1. Perfios Account Aggregation Services Pvt Ltd (Product titled Anumati)
2. Cookiejar Technologies Private Limited (Product titled Finvu)
3. CRIF CONNECT PRIVATE LIMITED (Product titled CRIF)

For any further queries, please contact our Kotak Mahindra Prime helpline at 1800-209-5732.

Grievance Redressal

At Kotak Mahindra Prime LTD, we value our customers and endeavour to listen and address their needs. Our priority is to respond to your inquiries and concerns as quickly and effectively as possible. For more details, please visit our Grievance Redressal page.

Frequently Asked Questions

1. Does registering on the AA network incur any fees for the customer?

No, customers typically do not incur any fees for registering on the Account Aggregator network.

2. Is it necessary for a customer to register with all of the AAs?

No, a single registration suffices to access the entire Account Aggregator network. There's no need to register with each AA individually.

3. How does the AA ensure the security of my data?

Account Aggregators prioritise data security by not storing customer information and implementing robust encryption protocols. This approach ensures the highest level of confidentiality and protection for sensitive financial data.

4. If the FIU gets my account statement through AA, will it still check my credit scores before approving the loan?

Yes, the FIU may conduct independent credit score assessments despite obtaining account statements through Account Aggregators. This ensures thorough evaluation and risk assessment for loan approvals.