Perfios Account Aggregation Services Pvt Ltd., a subsidiary of Perfios Software Solutions Pvt Ltd., has received an in-principle approval from the Reserve Bank of India for implementing and providing NBFC-AA (Account Aggregation).
An AA is bound by the following conditions
- AAs are data fiduciaries that manage customer consent
- AAs fetch, consolidate, aggregate data from Financial Information Providers (FIPs) and present it to the customer
- Basis explicit customer consent, present these data to Financial Information Users (FIUs)
- AAs can charge a fee for the service (commercial model WIP)
- AAs cannot undertake any other business
- AAs cannot store customer data
We are grateful to the RBI, ReBIT, industry bodies and thought-leaders for giving us the opportunity to provide inputs to develop the NBFC-AA platform specifications since the time the Master Directions Document was released in 2016; we are delighted that we could contribute our decade-old experience of account aggregation services to help shape these specifications.