Fintech company PhonePe announced the launch of its account aggregator (AA) services through its wholly-owned subsidiary PhonePe Technology Services Pvt Ltd (PTSPL). This will enable its Indian customers to consent to and share all of their financial data, including bank statements, with regulated Financial Institutions.
When shared with financial institutions, financial information like bank statements, insurance policies, and tax returns can assist customers in getting loans, purchasing new insurance, or receiving investment advice.
Rahul Chari, Co-Founder and CTO at PhonePe said in a media statement that this will enable users to access and manage their own financial data, completely changing how they interact with financial services. The Account Aggregator Network ushers in a new era of digital connectivity where people can use their own information to make smart financial decisions and open up a world of opportunities.
The PhonePe website or the PhonePe app itself both allow users to request, pause, or cancel any ongoing data consent, the company said in a statement on Tuesday. YES Bank, Federal Bank, AU Small Finance Bank, and other Financial Information Providers (FIP) have already integrated with PhonePe’s PTSPL as part of the launch. Before the end of June, a number of other FIPs, including big banks, are probably going to be integrated.
On August 26, the fintech company PhonePe, which specializes in digital payments, declared that the Reserve Bank of India (RBI) had given it preliminary approval to function as an AA. A sandbox for AAs was unveiled by fintech startup Setu a few days earlier. The RBI initially released the AA framework in 2016. The account aggregator enables real-time, data-blind sharing of financial data between regulated entities.
The firm also mentioned in a statement that PTSPL collaborated with PhonePe Pvt Ltd to create an Account Aggregator micro-app within the PhonePe consumer app to quickly and easily introduce the new service to consumers. By doing this, PhonePe users will essentially be able to sign up and create a brand-new interoperable AA handle. The ‘Check Balance’ option on the PhonePe App’s home page will allow users of PhonePe to access their bank statements instantly and for no charge.
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