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Comparison of India's Account Aggregators Finvu vs Anumati vs OneMoney

Account Aggregator Framework
Account Aggregator Framework

Account Aggregator (AA) - A Regulatory Overview

In the complex landscape of financial technology, Account Aggregators (AAs) have emerged as pivotal entities regulated by the Reserve Bank of India (RBI). Their role? Facilitating secure and digital access to financial information, allowing individuals to seamlessly share data between Financial Information Providers (FIPs) and Financial Information Users (FIUs) within the AA network. This exchange is executed with explicit user consent and underlines the importance of secure, encrypted channels in safeguarding sensitive financial data.

Account Aggregator Common Use Cases

So, how does an Account Aggregator work? The process involves several key steps:

User Registration: Individuals initiate the process by registering with an Account Aggregator, creating a unique identifier, often referred to as an AA ID.

Consent Management: Users exercise control by selecting FIPs from which they're comfortable sharing data, specifying the type of data they want to disclose.

Data Request and Validation: FIUs request specific data through the AA, which then verifies user consent and ensures FIP authorization before proceeding.

Data Fetching and Formatting: The AA, acting as an intermediary, fetches the requested data from FIPs, and formats it to meet standardized criteria compatible with FIUs' systems.

Secure Data Delivery: The AA delivers the formatted data securely to FIUs, ensuring encrypted transmission and safeguarding the confidentiality of financial information.

Data Usage: FIUs leverage the received data to provide tailored financial services or products to the end-user, completing the cycle of secure, consent-driven data sharing.

Global Players in the Account Aggregator

In the global realm, several Account Aggregators have made significant strides:

  • Plaid: A US-based financial data aggregator connecting with over 11,000 institutions worldwide, providing APIs for seamless integration into various applications.

  • Yodlee: Another notable global player offering data aggregation services for over 15,000 financial institutions in 150+ countries, providing diverse solutions for financial services.

  • Finicity: Focused on data aggregation services, Finicity caters to financial institutions, fintech companies, and consumers, offering a suite of APIs and tools.

  • Trulioo: Combining identity verification with account aggregation, Trulioo serves businesses operating across jurisdictions, ensuring secure access to financial data.

  • Encompass Corporation: A US-based provider specializing in mortgage software and solutions, including account aggregation services for mortgage lenders.

Here are India's Top Account Aggregator Providers

In the Indian financial landscape, the following entities are at the forefront of Account Aggregation:

  • NSDL e-Governance Infrastructure Limited (NSDL e-Gov)/ Protean: A subsidiary of the National Securities Depository Limited, NSDL e-Gov offers account aggregation services for a wide range of financial institutions.

  • Anumati: Developed by a consortium including Kotak Mahindra Bank, IndusInd Bank, and Bajaj Finserv, Anumati provides a secure platform for users to share financial data with FIUs.

  • Finvu: is an RBI-licensed account aggregator (AA) that provides a secure and convenient way to share your financial data with authorized financial institutions (FIUs). Finvu's platform allows you to link your bank accounts, credit cards, and other financial accounts to your Finvu account. Once your accounts are linked, you can easily share your data with FIUs by generating a consent.

  • OneMoney: OneMoney's platform is used by a variety of FIUs, and it offers a number of value-added services, such as tax preparation and investment advice.

Comparison of Top Account Aggregators in India Finvu vs Anumati vs OneMoney




  • ​User-friendly platform with a focus on simplicity and ease of use

  • Robust security and privacy features

  • Backed by a consortium of leading banks in India

  • Supports a wide range of FIPs and FIUs

  • Offers a variety of APIs for developers to build financial applications and services

  • Offers a secure and convenient way for users to share their financial data with FIUs

  • Offers a variety of features, such as account consolidation, transaction categorization, and financial insights

  • ​Strong industry partnerships with leading banks and financial institutions

  • Focuses on providing personalized financial services and experiences to users

  • Provides comprehensive educational resources to help users understand and use AAs effectively

  • Committed to promoting financial inclusion and literacy

  • Committed to building a trusted and reliable AA ecosystem

Building an Account Aggregator Framework in India: A Step-by-Step Guide

Establishing a new AA framework in India involves a meticulous process covering regulatory compliance, technical infrastructure, and stakeholder engagement:

1. Regulatory Compliance

a. Secure NBFC-AA License:

  • Apply for and obtain the Non-Banking Financial Company-Account Aggregator (NBFC-AA) license issued by the Reserve Bank of India (RBI).

  • Ensure strict adherence to regulatory standards governing data privacy, security, and consumer protection.

b. Adherence to Data Privacy Regulations:

  • Ensure compliance with pertinent data privacy regulations, such as the Personal Data Protection Bill (2019) and the Information Technology Act (2000).

  • Implement operational practices that align with principles like user consent, data minimization, and purpose limitation.

2. Technical Infrastructure

a. Establish a Robust Data Exchange Infrastructure:

  • Implement comprehensive security measures, encompassing encryption, secure protocols, and multi-factor authentication to ensure the safeguarding of user data.

  • Verify that the technical infrastructure possesses the capability to handle high-volume data transactions with efficiency.

b. Standardized Data Formats Development:

  • Embrace standardized data formats to facilitate smooth data exchange between Financial Information Providers (FIPs) and Financial Information Users (FIUs).

  • Augment interoperability to guarantee seamless compatibility across diverse financial institutions.

c. Implement a User Consent Management System:

  • Create an intuitive consent management system, empowering users with granular control over their data access.

  • Establish mechanisms enabling users to grant or revoke consent for data sharing with specific FIUs.

3. Stakeholder Engagement

a. Onboarding Financial Information Providers (FIPs):

  • Collaborate with banks, financial institutions, and other data providers for the integration of their systems within the AA framework.

  • Assure a seamless integration process to facilitate efficient data retrieval and sharing.

b. Partnerships with Financial Information Users (FIUs):

  • Engage with financial service providers, fintech companies, and other data consumers, illustrating the value proposition of the AA framework.

  • Demonstrate the capability of AAs to streamline data access, thereby enhancing the services offered by FIUs.

c. Consumer Education Initiatives:

  • Conduct targeted awareness campaigns to educate consumers on the advantages of leveraging AAs for secure and consent-driven data sharing.

  • Emphasize the level of control users have over their financial data and highlight the potential for personalized financial services.

4. Ongoing Operations

a. Sustain Regulatory Compliance:

  • Continuously monitor and adapt to evolving regulatory requirements, ensuring consistent compliance with data privacy, security, and consumer protection standards.

b. Continuous Enhancement of Technical Infrastructure:

  • Regularly upgrade and fortify the technical infrastructure to maintain its resilience in terms of security, scalability, and interoperability.

  • Stay abreast of technological advancements to promptly adopt best practices.

c. Expansion of Stakeholder Network:

  • Continuously bring on board new FIPs and FIUs to extend the reach and enhance the value proposition of the AA framework.

  • Cultivate a collaborative ecosystem that encourages increased participation from diverse stakeholders.

d. Promotion of Consumer Awareness:

  • Engage in ongoing initiatives to educate consumers, increasing awareness and adoption of AA services.

  • Build and sustain trust by fostering transparency in operations and emphasizing the robust security measures in place.

Revolutionizing the Financial Landscape: The Potential and Path Forward for Account Aggregators (AAs) in India

Challenges and Opportunities
Challenges and Opportunities

Account Aggregators (AAs) have emerged as transformative entities in the Indian financial sector, promising enhanced financial management and improved access to services for consumers. Despite their potential, various challenges hinder their full realization.

Overcoming Challenges

  • Education and Outreach: Collaborative efforts by government, regulators, financial institutions, and AAs are essential to raise awareness. Public awareness campaigns, workshops, and seminars can effectively communicate the benefits of AAs.

  • Standardization: Regulatory bodies, led by the RBI, must work with stakeholders to establish standards for the AA ecosystem. Standardization reduces complexity, facilitating smoother interactions among stakeholders.

  • Security and Privacy Measures: AAs must prioritize robust security measures, employing encryption, data masking, and transparent data usage practices. Ensuring data protection fosters trust among consumers and addresses privacy concerns.

  • Business Model Innovation: AAs, being in their early developmental stages, must explore diverse business models for sustainable success. Options include fee-based data sharing, value-added services, and strategic partnerships with financial institutions.

Unlocking Opportunities

Addressing challenges opens the door to a host of opportunities across the financial landscape:

  • For Consumers: Simplified financial management, comparison of diverse products and services, and seamless switching of financial institutions. Enhanced access to financial services previously unavailable to certain demographics.

  • For Businesses: Cost reduction, operational efficiency improvement, innovation in product development, and expanded customer reach. Reduction in fraud and improved risk management strategies.

  • For the Financial System: Promotion of financial inclusion, increased transparency, competition, and fraud reduction. Enhanced resilience of the financial system against external shocks.



What is an Account Aggregator (AA)?

An account aggregator (AA) is a technological system that facilitates the secure and controlled exchange of digital financial data among financial institutions, such as banks, insurance agencies, and mutual fund companies.

Who regulates account aggregators in India?

Is it safe to use account aggregator?


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