India launches Account Aggregator to extend financial services to millions
Brandon McGee
“On Thursday, eight Indian banks announced that they are rolling out — or about to roll out — a system called Account Aggregator to enable consumers to consolidate all their financial data in one place. (Participant banks are HDFC, Kotak, ICICI, Axis, SBI, IndusInd, IDFC and Federal. Four of them are rolling out the system on Thursday; others say they will roll out the new system soon.)
‘Digital footprints, when properly used, empowered by consumers using their own data, enables a huge amount of credit to small businesses. It can lead to the democratisation of credit.’
‘It’s an architecture that can now be applied to several additional industries,’ he said, pointing to healthcare, fitness and testing labs as examples. ‘We can confidently say that there is no other country in the world that has built a robust infrastructure at this scale where its people can leverage their data. This approach is now getting global recognition.’”
