Entities Involved

Following are the various entities involved in the AA Ecosystem.

1. Account Aggregators (AA) - Account Aggregators (AAs) are non-banking financial companies licensed by the Reserve Bank of India (RBI). They serve as intermediaries or act like a bridge, facilitating the secure transfer of personal or corporate financial data from Financial Information Providers (FIPs) to Financial Information Users (FIUs). FIUs utilize this data to provide financial services to individuals or businesses..
2. Financial Information Provider (FIP) - Financial Information Provider (FIP) are institutions that hold user data. These are the banks, or NBFCs that share customer’s financial information with Financial Information User (FIU) via requests through an Account Aggregator.
3. Financial Information User (FIU) - Financial Information Users (FIU) receive digitally signed data from Financial Information Providers (FIP) via Account Aggregators. FIU use the data to provide various services to the consumer like loans, insurance, or wealth management.

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Consent is at the core of the AA framework. When an FIU requires data about the user, the request is packaged in the form of a consent object.

Consent object contains the information about all the different types of data the FIU needs, the purpose of the data, and how the FIU plans to use the data and so on.

4. Technology Service Provider - Technology Service Providers (TSP) collaborate with FIUs and FIPs to deliver AA products and services. They develop the foundation modules that connect FIP and FIU modules to the Account Aggregators in the ecosystem.
   TSPs can also help fintech products in various areas like underwriting models, SME scorecards, product design of apps and more. Additionally, TSPs can offer a single-window on-boarding experience to AA ecosystem participants by becoming intermediate certified entities.

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