Sahamati plays a crucial role in standardizing and promoting the AA ecosystem, ensuring smooth adoption across financial institutions. With end-to-end encryption, user-driven consent, and no data storage by AAs, this system enhances transparency while putting users in full control of their financial data. 🚀
Sahamati - Collective of the Account Aggregator EcosystemThe Account Aggregator (AA) system is a secure financial data-sharing platform regulated by the Reserve Bank of India (RBI). It allows individuals to access and share their financial data digitally and in real-time — without needing to download bank statements or share login credentials.
- Regulated by RBI: Licensed entities only, ensuring compliance and data security.
- User Consent First: No data is shared without explicit user approval.
- No Data Storage: AAs do not store or read your financial data — they just facilitate encrypted transfer.
Just as UPI transformed payments, Account Aggregators revolutionize financial data access:
| Feature | UPI (Payments) | AA (Financial Data) |
|---|---|---|
| Regulated By | RBI & NPCI | RBI |
| User Control | Choose which bank to pay from | Choose which data to share |
| Security | End-to-end encryption | Encrypted data sharing |
| Storage | Banks hold transaction data | No data stored by AA |
| Usage | Real-time digital payments | Real-time financial insights |
- UPI allows users to send money securely across banks in seconds.
- AA allows users to share their financial data securely with banks, lenders, and fintech platforms—without exposing their credentials or PDFs.
- Only RBI-approved entities can operate as Account Aggregators.
- The framework is designed to eliminate unauthorized data access.
- Users must explicitly approve each data request, specifying:
- Who gets access
- For how long
- What type of data is shared
- Access can be revoked anytime.
- Data is encrypted at source and destination, ensuring that even the Account Aggregator cannot view or store data.
- Unlike traditional data aggregators, AAs never store the financial data they process.
- They simply act as secure pipelines to transfer information only when authorized by the user.
Role of Sahamati in the Account Aggregator Ecosystem
Sahamati is a non-profit industry alliance that plays a key role in the Account Aggregator (AA) framework, ensuring smooth implementation and adoption across financial institutions.
- Facilitates Collaboration: Works with banks, NBFCs, insurers, and investment platforms to integrate with AAs.
- User Protection & Standardization: Ensures secure data-sharing protocols and adherence to privacy standards.
- Industry Adoption & Awareness: Educates stakeholders about the benefits of AAs and helps institutions onboard efficiently.
- Acts as a bridge between financial institutions and regulators, ensuring a seamless user experience.
- Advocates for user-centric consent-based data sharing, protecting individuals from misuse.
With Sahamati driving adoption, the AA framework is rapidly evolving into India’s secure, UPI-like model for financial data sharing.
User Control: You Decide Who Gets Your Data
- âś… Bank-Level Security: No third party can access data without your consent.
- âś… Time-Limited Access: Data sharing is temporary and revocable.
- âś… Audit Trail: Every data request is logged for transparency.
Why This Matters for You
- 🔹 Faster, Paperless Financial Services: Loan approvals, investment tracking, and wealth management become seamless.
- 🔹 Eliminates Manual Document Sharing: No need to download statements or share credentials.
- 🔹 Privacy & Security First: Unlike traditional data-sharing models, you remain in control at all times.
Further readings…
For additional insights, you can explore:
Mutual Fund Central (MF Central): The One-Stop Platform for Mutual Fund Investors