Subscribe

0

  • Sign in with Email

By clicking the button, I accept the Terms of Use of the service and its Privacy Policy, as well as consent to the processing of personal data.

Don’t have an account? Signup

  • Bookmarks
  • My Profile
  • Log Out
  • NEWS
  • POLICIES
  • MSME OPPORTUNITIES
  • BANKING & FINANCE
  • TECHNOLOGY FOR SMES
  • SECTORS
  • GLOBAL
  • Investment
  • LEGAL
  • KNOWLEDGE QUEST
  • Future Ready Forum 2025
  • Ek Nayi Udaan
  • Future Ready Summit 2024
  • ADVERTISE WITH US
ad_close_btn
  • News
  • Policies
  • Banking & Finance
  • MSME Opportunities
  • Web Stories
  • InFocus
  • Technology For SMEs
  • Sectors
  • Global
  • Fashion

Powered by :

You have successfully subscribed the newsletter.
LimeLight

PhonePe Group Launches Account Aggregator Services

Rahul Chari, Co-Founder and CTO at PhonePe said, "The launch of the Account Aggregator service, puts PhonePe Group at the forefront of building digital public infrastructure that will have a significant impact on millions of Indians."

author-image
SMEStreet Edit Desk
07 Jun 2023 11:33 IST

Follow Us

New Update
Rahul Chari, PhonePe

PhonePe Group, which recently received the NBFC-AA license from RBI, announced the launch of its Account Aggregator (AA) services through its wholly-owned subsidiary PhonePe Technology Services Pvt Ltd (PTSPL).

PTSPL’s Account Aggregator service will allow Indian consumers to consent to and share all their financial data, such as bank statements, insurance policies and tax filings with regulated Financial Institutions or FIUs (Financial Information Users) for several use cases such as applying for loans, buying new insurance, getting investment advice, etc. Consumers can request, pause or revoke any ongoing data consent directly from aa.phonepe.com or from within the PhonePe app itself.

As a part of the launch, PTSPL has already integrated with multiple Financial Information Providers (FIP) such as YES Bank, Federal Bank, AU Small Finance Bank, etc. Several other FIPs, including large banks, are likely to get integrated before the end of June. PTSPL has also launched its product suite and APIs for the FIU market,and is in the process of integrating with regulated Financial Institutions (FIUs) so that they can start taking consent from their users to do a real-time data fetch from the user’s’ FIPs.

To give consumers a quick and easy introduction to the new Account Aggregator service, PTSPL has tied up with PhonePe Pvt Ltd, and built an AA micro-app within the PhonePe consumer app. This will allow PhonePe users to register and create a new interoperable AA handle. PhonePe users will also be able to access their bank statements instantly on the 'Check Balance' option on the PhonePe App’s homepage for free.

Commenting on the launch Rahul Chari, Co-Founder and CTO at PhonePe said, "The launch of the Account Aggregator service, puts PhonePe Group at the forefront of building digital public infrastructure that will have a significant impact on millions of Indians. This will also empower users to access and control their own financial data, revolutionizing the way they engage with financial services. The Account Aggregator Network sets the stage for a new era of digital connectivity, where individuals can harness the power of their own information to make informed financial decisions and unlock a world of opportunities."

 

Top News rahul Chari NBFC-AA license PhonePe
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news
logo

Related Articles
Read the Next Article
Latest Stories
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news

Latest Stories
Latest Stories
    Powered by


    Subscribe to our Newsletter!




    Powered by
    Select Language
    English

    Share this article

    If you liked this article share it with your friends.
    they will thank you later

    Facebook
    Twitter
    Whatsapp

    Copied!