RBI - ACCOUNT AGGREGATOR
Account aggregation sometimes also known as financial data aggregation is a method that involves compiling information from different accounts, which may include investment accounts, bank accounts, credit card accounts, and other business or consumer accounts, into a single place.
This can be provided by: connection via an API to the financial institution
"screen scraping" where a user provides the requested account-access information for an automated system for gathering and compilation of the information into a single page"
Why do we need compliance ?
The security of the account access details as well as the financial information is key to users having confidence in the service.Services of the Account Aggregator should be backed by appropriate agreements/authorisations between the aggregator, financial service provider and customer.
The Account Aggregator has to follow the terms and conditions of the licence (such as customer protection,data security,audit function, grievance redressal, data security, audit control, corporate governance and risk management framework).
RBI announced master directions for Account Aggregator In September 2016, which are mandatory to be comply
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