Account Aggregator – Facilitating faster data sharing
Cutting-edge technology is propelling the banking industry to new heights. The Account Aggregator network is one such revolutionary platform that lets access loans and investment products faster and efficiently. The Account Aggregator platform facilitates safe, easy, seamless and digital data sharing. The platform offers higher security and what’s more, the entire process is consent based, i.e., you, the customer, are in charge of sharing your financial data. Leverage your financial data to get access to a host of financial services in a jiffy.
HDFC Bank being the leading provider for all top financial products and services and has been an early adopter of the Account Aggregator framework. By identifying the benefits of AA early on, we were able to design systems that allow shorter online journeys. You can experience the power of AA in our following fully digital journeys.
Auto Loan
Personal Loans
Credit Cards
What is an Account Aggregator?
Account Aggregator (AA) is an entity regulated by RBI.
It facilitates secure financial data sharing between two financial institutions.
In order to share this information, consent from the customer is required.
The terms, reasons and purpose of the data sharing are displayed to the customer prior to data sharing.
The entire process of data sharing is digital and takes place in near real-time.
The AAs cannot read your data, neither store them. They simply facilitate the transfer of data between two financial institutions (e.g., Availing of a personal loan with HDFC Bank by sharing your bank statement of a non-HDFC Bank via Account Aggregator)
How the AA network works
The following will help you gain a better understanding of how AA works:
You can choose any of our aforementioned digital products where AA is supported.
In your digital application process, you will come across the option to share bank statements via the Account Aggregator route.
You can do this by selecting your bank from which the data needs to be shared, and give your consent via a one-time password (OTP).
Once you provide your consent and the bank receives the information, instant appraisal will be carried out for the chosen products.
How Account Aggregators revolutionises banking for customers
 |  |  |
| Improved turn-around-time (TAT) | Secured movement of information | Enhanced transparency |
Here’s how AA can provide you with an improved banking experience:
Improved turn-around-time (TAT)
Given that the collection, consenting, collation and sharing of your data happens in real-time, financial institutions have the potential to reduce the processing times significantly.Secured movement of information
AAs do not store your data; they simply collect and transfer it. Hence, they can offer a potentially secure way of sharing your sensitive data.Enhanced transparency
AAs can transmit data only when you provide consent. You can check the exact information requested by the FIU. The consent required and the data shared will also have a validity period.
FAQs
How do I register with an Account Aggregator?
You can register with an AA NBFC on its website or via their mobile apps. You can also do this seamlessly while opting for one of the above mentioned financial products online. You can check the list of AAs here.
How is Account Aggregator different from data sharing over Aadhaar eKYC or credit information companies?
Aadhaar eKYC and CKYC share data such as your name, address, gender, etc., to confirm your authenticity. Credit bureaus share data limited to your loan history and credit score. Account aggregators will share your transactional information from your Savings Account, Current Account and Deposit Accounts. Presently, the AA system is being developed so that other financial data pertaining to tax, pension, Mutual Fund, stocks, insurance, healthcare and telecom information, etc., can be shared.
How safe is my data with the AA?
Note that AAs only share and collate your data, they do not store it. Your data continues to remain with the bank, AA simply facilitates digital data sharing between two financial institutions.
Do I need to register with all AAs?
Not necessarily. Registering with anyone AA will be enough. You are, however, free to register with as many Account Aggregators depending on your need.