Account Aggregator

account aggregators are rbi mandated entities with the authority to collate all the user’s bank details in one place(after the user gives his consent) and pass it securely to other banks in case of need an account aggregator provides data to a financial information user (fiu) from a financial information provider (fip) based on the user's explicit electronic/digital consent problems in manual data collection when a user goes to a bank for a loan/other service, there are a lot of documents that the banks ask from the user to do the background verification of the customer and to provide him with better choices now the customer faces multiple problems in this as data fragmentation the financial data of individuals is often scattered across various banks, financial institutions, and service providers, making it challenging for individuals to collate all the documents data portability it is difficult for individuals to move their financial data from one service provider to another consent and data privacy while sharing the financial details by individuals manually there might be consent/privacy issues time consumption for credit assessment credit assessment and underwriting processes often require a significant amount of time and documentation how account aggregator solves these problems the account aggregators(signzy uses finvu as the account aggregator) help in solving these problems it collects the data of the merchant(user) on the user's consent from all the banks/institutions where the user has an account or has any financial relations(fip financial information provider) and then sends the report to the bank where the user is seeking loan or other services(fiu financial information user) use case the user goes to a bank xyz(fiu financial information user) for loan/other services which asks the user for their data for background verification this data can either be collected manually by the user by the account aggregator(aa) on the user's consent this aa offers to send xyz bank the details of the user from various banks(fip financial information provider) where the user's number is linked for his background verification and further processes like bank statement analysis, credit score calculations, etc configuration creating the aa page create a new page by selecting the country and page name go to data and documents, select the account aggregator widget, and click on 'proceed' we get the option to add more documents on the same page add more widgets if required and click on 'proceed' click on the account aggregator template, here we get the options to configure it mobile number mapping select page the page from which the mobile/contact number(which is linked to the various accounts of the merchant) can be collected is selected here select variable the variable for the field that contains the mobile/contact number of the merchant is selected here financial information detail document name the bank(fiu) gets a document name(artifact name) registered with the account aggregator(finvu) this document contains the report of the financial information of the merchant this registered name is entered here document description the purpose/description of the document is entered here transaction period(in months) the period (in months) up to which the financial information of the merchant from various sources will be collected and presented in the report is selected here we can select from 1,3,6 and 12 months output variable the variable that holds the details of the financial information of the merchant and can be used for further processes is entered here click on 'done' after the configuration is done a general screen with details about the widget(account aggregator) is present, click on 'proceed' after the page for account aggregator is created, it is added to the required flows docid\ aqagtpv2vzxenbxphahku and then the necessary rule engine docid\ gixrk7 tddwnuspzsgnvt are set for that flow getting help please feel free to contact us if you have any questions, require clarification, or have ideas for how to make the documents or any of our services better you can reach out to us at help\@signzy com