Account aggregation sometimes also known as financial data aggregation is a method that involves compiling information from different accounts, which may include investment accounts, bank accounts, credit card accounts, and other business or consumer accounts, into a single place.

This can be provided by: connection via an API to the financial institution
“screen scraping” where a user provides the requested account-access information for an automated system for gathering and compilation of the information into a single page”

What is RBI Account Aggregator?

The NBFC Account Aggregator (NBFC-AA) Framework was introduced back in 2016 by RBI. However the concept of Account Aggregators did exist prior to 2016 as well. Prior to NBFC-AA framework several Account Aggregators undertook similar business of consolidating financial data and providing analysis on the same for the customer or a financial institution.

To give a basic understanding, an Account Aggregator is an entity that can pull and consolidate all of an individual’s financial data and present the same in a manner that allows the reader to easily understand and analyse the different financial holdings of a person. At present our financial holdings are scattered across various financial instruments, with various financial intermediaries, which come under the purview of various financial regulators

Why RBI Account Aggregator Audit Required?

The security of the account access details as well as the financial information is key to users having confidence in the service.Services of the Account Aggregator should be backed by appropriate agreements/authorisations between the aggregator, financial service provider and customer.

The Account Aggregator has to follow the terms and conditions of the licence (such as customer protection,data security,audit function, grievance redressal, data security, audit control, corporate governance and risk management framework).

RBI announced master directions for Account Aggregator In September 2016, which are mandatory to be comply

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