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An Account Aggregator (AA) is a digital platform that enables individuals and businesses to consolidate their financial data—such as bank account information, credit card details, investment portfolios, and more—in one secure location. This data is accessed via APIs and shared only with the user’s explicit consent.
The AA framework is designed to simplify how financial data is shared between consumers and financial service providers. Beyond traditional banking, it also enables access to pension, insurance, brokerage, and tax data. While currently limited to the financial sector, the AA ecosystem is expected to expand to other industries such as healthcare and telecom in the near future.
Unlike earlier frameworks like Aadhaar or CKYC, which primarily shared identity details (name, address, gender), the AA model enables the secure sharing of detailed financial information. This includes transaction histories, account balances (savings, deposits, current accounts), and even credit data. The AA model focuses on consent-based, encrypted data exchange that provides both depth and control to users.
Setting up an AA account is simple and user-driven. Here’s how the process works:
Open an AA Account: An individual or business registers with an AA platform.
Provide Consent: The user gives explicit consent to link their financial accounts.
Data Access Request: The AA platform requests permission from financial data providers (banks, investment firms, etc.).
Data Sharing: Upon approval, data is securely shared and made available for transactions or financial decisions.
Currently, the eight operational AAs in India include:
Axis Bank, HDFC Bank, ICICI Bank, IndusInd Bank, SBI, Kotak Mahindra Bank, IDFC FIRST Bank, and Federal Bank.
Yes. Account Aggregators operate with a high level of security. All shared data is end-to-end encrypted and can only be decrypted by the authorized recipient. Additionally, digital signatures are used during access to ensure authenticity and protect user privacy.
The cost of using AA services depends on the service provider. Some may offer it free of charge to end users, while others may apply a nominal fee for the service.
Unified Financial View: Instead of scattered statements and multiple platforms, AA provides a single-window view of all financial assets and transactions.
Faster Loan Approvals: With consent-based access to accurate financial history, banks and NBFCs can process loans faster and with greater confidence.
Paperless & Secure: Eliminates the need for physical documents, third-party logins, and manual sharing—making data sharing seamless, digital, and secure.
Today, customers often share bank statements, notarised documents, or even login credentials with third parties to access credit or financial services. This process is outdated, fragmented, and potentially insecure.
The AA ecosystem transforms this by offering a digital-first, consent-based approach to data sharing—enabling easier onboarding, quicker decision-making, and improved trust between customers and institutions.
Moreover, AA platforms will likely catalyse new types of financial products, credit models, and innovations by creating a structured, consented, and secure data repository.
As AA expands into sectors beyond finance, it will play a pivotal role in cross-sectoral data portability—empowering consumers with greater control and transparency over their personal data.
At CARD91, we’re committed to building future-ready, compliant, and scalable payment infrastructure. Our solutions help banks, NBFCs, and fintechs integrate Account Aggregator frameworks seamlessly into their digital onboarding and loan disbursal journeys. With secure APIs, real-time data access, and end-to-end encryption protocols, CARD91 enables partners to fully leverage the power of consent-based financial data sharing—accelerating credit decisioning, improving user experience, and unlocking new revenue streams.
Whether you’re a bank looking to streamline customer data acquisition or a fintech innovator building the next-gen credit product—CARD91 is your trusted technology partner in the Account Aggregator era.
To know more about our offerings connect with our experts
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