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.”