Comparison of India's Account Aggregators Finvu vs Anumati vs OneMoney
- Arpan Desai
- Nov 6, 2023
- 4 min read
Updated: Feb 16
India’s growing financial ecosystem is increasingly adopting account aggregators as a way to manage and access financial data from various institutions in one place. In this article, we’ll explore a comparison of India’s account aggregators, focusing on Finvu vs Anumati vs OneMoney. These platforms are at the forefront of transforming the way individuals and businesses access, manage, and share their financial data securely.
Choosing the right account aggregator is critical for both individuals and businesses, as it influences how easily they can manage their financial data and make informed decisions. Each aggregator has its own set of features, benefits, and trade-offs. Let's dive deeper into what sets these platforms apart.
What are Account Aggregators?
Account aggregators (AAs) are a key part of India’s Open Banking system, allowing individuals to securely access their financial data from multiple sources, including banks, insurance companies, and mutual fund providers, in one place. They offer a standardized and unified view of financial data, which can be securely shared with consent across different platforms for better decision-making and services.
With the advent of India’s Account Aggregator framework by the Reserve Bank of India (RBI), more players have emerged in this space, offering different features to meet the needs of users and businesses. Now, let’s look at Finvu vs Anumati vs OneMoney and see how they stack up against each other.
Finvu vs Anumati vs OneMoney: The Key Differences
1. Finvu: India’s Fast-Growing Aggregator
Finvu is an RBI-licensed Account Aggregator that allows users to access their financial data securely from multiple institutions. It is known for its user-friendly interface and robust data security. With Finvu, you can easily connect various bank accounts, insurance policies, and other financial products to get a holistic view of your finances.
Key Features:
Secure Data Aggregation: Uses encryption and security protocols to ensure user data remains protected.
Wide Coverage: Supports multiple banks, NBFCs, and other financial institutions.
Instant Data Sharing: Allows users to share financial data securely with third parties for better financial services like loans and investments.
Pros:
Easy-to-use interface
High security
Fast data aggregation
Cons:
Limited availability with some financial institutions in the early phase
2. Anumati: A Robust and Reliable Solution
Anumati, another RBI-licensed account aggregator, has gained attention for its comprehensive features, offering seamless access to a variety of financial data. Anumati is aimed at individuals who are looking for granular control over their data-sharing preferences.
Key Features:
End-to-End Encryption: Ensures that all sensitive financial data is shared securely.
Flexible Consent Management: Users have full control over which data they wish to share with which entities.
Wide Integration: Works with banks, insurance companies, and mutual fund providers across India.
Pros:
Strong security features
High flexibility in data sharing
Access to multiple types of financial data
Cons:
Some integrations are still being expanded
3. OneMoney: The User-Centric Aggregator
OneMoney is another promising account aggregator that aims to simplify financial data sharing for users in India. Known for its intuitive design and real-time data synchronization, OneMoney helps users track all their financial accounts in one place.
Key Features:
Instant Data Syncing: Synchronizes financial data in real-time, ensuring up-to-date information.
Cross-Institution Connectivity: Supports a wide variety of financial institutions.
Comprehensive Dashboard: Provides an easy-to-read dashboard that aggregates data from various sources in real time.
Pros:
Simple, intuitive user interface
Real-time data syncing
Broad financial institution coverage
Cons:
Limited advanced features compared to competitors in the early stages
Finvu vs Anumati vs OneMoney: Which One Should You Choose?
Choosing the right account aggregator depends on several factors:
Finvu is ideal if you’re looking for a simple, quick-to-implement solution with solid security features and a user-friendly interface. It’s a great option for those who want a fast aggregation of financial data.
Anumati is best if you’re looking for greater control over your data-sharing preferences and a wide array of financial institution integrations. If security and consent management are a top priority, Anumati could be the best choice.
OneMoney offers a real-time, seamless experience for users who prioritize instant data synchronization and a simple interface for managing all their financial accounts in one place.
Final Thoughts
Choosing the right account aggregator is crucial for ensuring seamless access to financial data. Whether you prioritize security, control, or real-time syncing, platforms like Finvu, Anumati, and OneMoney offer varying solutions to meet your needs.
If you need help integrating account aggregators into your fintech product, FintegrationFS is here to help. We provide tailored solutions that ensure smooth and secure data-sharing capabilities.
FAQs
1. What is the role of an account aggregator in India?
An account aggregator in India helps users access, manage, and share their financial data securely across multiple financial institutions, making it easier for users to access financial services like loans, insurance, and investments.
2. Which account aggregator is best in India: Finvu, Anumati, or OneMoney?
Each of these aggregators has its strengths. Finvu offers a simple, fast solution, Anumati provides excellent consent management features, and OneMoney focuses on real-time data synchronization. Your choice should depend on your specific needs, such as security, speed, or control over data.
3. Can I integrate these account aggregators into my fintech app?
Yes, all three account aggregators—Finvu, Anumati, and OneMoney—can be integrated into your fintech app to offer seamless financial data aggregation and sharing capabilities.
4. How secure is the data shared through account aggregators?
Data shared through Finvu, Anumati, and OneMoney is secured with end-to-end encryption, ensuring that sensitive financial information remains private and protected during sharing.
5. Are account aggregators in India licensed?
Yes, all three—Finvu, Anumati, and OneMoney—are RBI-licensed account aggregators, ensuring that they meet regulatory standards and provide secure services to users.
