The Account Aggregator Framework Is Transforming Personal Data Into A Collateral.

The Account Aggregator (AA) framework, launched last year, recorded a key milestone recently. The linked accounts and information requests using AAcrossed 1 million. A few weeks later this cumulative number had
accelerated to 1.5 million—adding half the number added in the previous 10 months. For the uninitiated, the AA, to put it simply is nothing but an intermediary who is licensed by the Reserve Bank of India (RBI) to share the data of a provider (consumer)and a user (a bank or a financial intermediary). In itself, the AA is data blind and its primary function is to be the secure pass-through for personal data. In other words, AA enables consent-based monetization of data, particularly of individuals and small enterprises, which otherwise remain non-bankable to most financial
intermediaries. In short, it is democratizing credit, just like the UnifiedPayments Interface democratized payments. Recent weeks have witnessed an acceleration in the use of the AA framework, inspiring optimism. The obvious question then: Will this be the UPI moment for the AA framework? To answer this and more we spoke to B Mahesh, co-founder, and CEO of Sahamati, the alliance of AAs.Having been associated with the AA framework from thevery beginning gives Mahesh a vantage point to view development. Mahesh, who unpacks the underlying idea, believes that the AA adoption is off to a slow start, but will soon beat even UPI (which by the way nearly touched 7 billion transactions in August).



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