Commonly Asked Questions

1. What is a consent?

   Consent is a digitally signed document collected by an Account Aggregator from a User (account holder) to authorize the retrieval of financial information from a Financial Information Provider (FIP). It specifies the purpose, duration, and scope of information access. Users have the ability to query, pause, or revoke consent at any time. Each consent is specific to linked accounts and is generated for a defined period.
   The Account Aggregator serves as both the collector and manager of consent, while the FIP maintains the current status of consent and verifies it before fulfilling Financial Information requests.

2. How and where is my financial information stored?

   Financial information obtained from the Financial Information Provider (FIP) is transmitted to the FIU in encrypted form and securely stored according to the terms agreed upon in your consent

3. Can user revoke consent to share their data?

   Yes. All consent provided through AA is designed to be revocable.

4. What is a Technology Service Provider (TSP)?

   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.

5. Why is a TSP required?

   TSPs in the AA ecosystem play a crucial role as the only unregulated entity, managing AA Data Standards APIs for seamless data exchange among FIUs, AAs, FIPs, and businesses. They deploy analytics engines to derive insights from raw data, aiding FIUs in decision-making. TSPs also develop user interfaces that comply with regulatory standards, ensuring secure and user-friendly interactions for consent management and data exchange.

6. What is the role of a TSP?

• Implementation of AA Data Standards APIs: TSPs are instrumental in implementing AA data standards APIs that establish connections between FIU, AA, FIP, and individual businesses. This facilitation enables seamless data exchange, including the initiation of data requests, consent management, and secure receipt of encrypted data.
• Analytics Engines: TSPs contribute significantly to the AA ecosystem by deploying analytics engines. These engines assist FIUs in comprehending raw data, ultimately generating valuable insights. These insights, in turn, support decision-making processes related to the disbursement of products or services.
• Development of User Interface (UI): TSPs are responsible for crafting user interfaces that adhere to regulated consent artifacts, industry best practices, and guidelines. The UI development encompasses creating interfaces for individuals and businesses, ensuring that interactions comply with regulatory requirements and provide a user-friendly experience.

7. Is there an encryption process that TSPs need to follow to transmit information to FIUs?

   Data encryption is typically done at the Financial Information Provider (FIP) end, and data decryption occurs at the FIU’s end.

8. Can a TSP store customer information received from the AA?

   The AA will pass consented customer information to the FIU in an encrypted format. Storage and handling practices of customer data by TSPs may need to align with relevant regulations and agreements.