The move is aimed at reducing fragmentation in the Account Aggregator ecosystem, allowing financial data to flow across the network rather than remaining linked to individual Account Aggregator platforms.
For customers, interoperability means they can use their chosen Account Aggregator while sharing financial information with participating banks, NBFCs and other regulated financial institutions, subject to the existing consent-based framework.
Account Aggregators facilitate the consent-based sharing of financial information between financial information providers and users.
The framework can enable customers and businesses to share information such as bank and investment-related financial data with regulated entities without relying on separate data-sharing arrangements for each platform.
The move is also expected to improve the reach of the Account Aggregator framework for lenders and other financial institutions by making data sharing across the ecosystem more seamless.
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