The account aggregator (AA) ecosystem facilitates real-time sharing of financial information between regulated entities. The four major financial regulators — RBI, IRDA, PFRDA and SEBI came together to allow regulated entities under their control to share data with account aggregators after taking user consent.
The RBI licensed AAs to enable the flow of data between Financial Information Providers (FIPs) and Financial Information Users (FIUs). The information comes from FIPs like banks, AMCs, pension funds etc, and FIUs consume this data, which can be a bank giving out a loan, an insurance provider or a wealth manager.
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