Why use the AA framework?
The Account Aggregator API (AA API) facilitates secure and authorized access to financial data across multiple institutions. Among the diverse set of use cases, we have highlighted the most popular ones below, this is based on the data available on the AA framework currently -
- Bank Account (Profile, Summary and transaction level) - Single holder accounts are only available on the AA framework and only deposit(savings, term, recurring, current) accounts.
- Equity, Mutual Funds, SIPs etc
- Insurance Data
- NPS data
- EPF and PPF(proposed, not live yet)
- GSTR 1 and 3B data
You can also see the exact formats provided and exact account types here - https://api.rebit.org.in/schema
Use Cases -
- Loan Onboarding:
- Accelerate loan application processes by securely accessing and verifying the financial data of the applicants to reduce your onboarding time drastically.
- Loan Monitoring:
- Enable real-time monitoring of borrowers' financial activities to manage credit risks effectively.
- Personal Finance Management (PFM):
- Empower users to consolidate and analyze their financial information from multiple accounts for better budgeting and financial planning.
- Wealth Management:
- Provide holistic wealth management services by aggregating and analyzing clients' diversified investment portfolios.
- Insurance Use Case/Income Calculation:
- Facilitate accurate income calculation for insurance underwriting by accessing verified financial data like bank account statements and GST data.
How to get started?
- Get Registered with a Financial Service Regulator: Register and obtain regulation from at least one of the Financial Regulators, including RBI, SEBI, IRDAI, and PFRDA. The entity wanting to use the AA framework should be a regulated entity. If you're a Loan Service Provider(LSP) or similar, the credentials would be created for your partner Bank/NBFC/Regulated Entity.
- Implement the FIU Module: Integrate with the Signzy AA APIs which follow RBI-defined API specifications and standards outlined by ReBIT. Ensure your module adheres to the technical standards, data storage practices and requirements set by the regulators.
- Test Your Module: Test your FIU module against one or more of the RBI-approved Account Aggregator Sandboxes, Signzy uses Finvu Account Aggregator. Verify the functionality and compatibility of your module with the AA ecosystem.
- Enrol Your Module: Officially enrol your module in the UAT-Central Registry maintained by Sahamati, which serves as a directory of entities testing their implementations in the development environment. This step will be taken care of by Signzy . Ensure your presence in the registry for visibility and collaboration within the ecosystem.
- Get Certified: Obtain certification demonstrating adherence to Technical Standards prescribed by ReBIT through a Sahamati empanelled certifier. Signzy APIs will adhere to these requirements and help you get the certification.
- Get Your Details Publicized/Move into Production: Have your details added by Sahamati to the Central Registry, a comprehensive directory of all entities that have gone live on the AA ecosystem. The Signzy team will guide you through the entire process and help you move into production .
- Launch Your Service: Connect with account aggregators and initiate the launch of your service with customers. Start offering your financial information services to end-users, leveraging the AA ecosystem for secure and seamless data access.
In the following modules, you will be able to learn how can one integrate with the Signzy FIU model.