I am getting to learn several new frameworks, rules, facilities and more from my fiance and I feel it's great. I have never been very curious about such things and let my father handle all bank work but now I try to do all bank related work myself and having such knowledge comes to great help. The latest thing I learnt is about Account Aggregator RBI (Reserve Bank of India). This framework helps in sharing of financial and other information on a real-time basis and in a data bind manner between the different regulated entities.
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What are account aggregators?
In simpler words, account aggregators are entities that help or enable individuals to share and access data from one financial institution to another in the consolidated networks of account aggregators. Such access has been granted to them by RBI. I hope this answers your query what is aggregator in banking quite well.
What are the two methods of aggregating accounts?Two methods are there of data aggregation or account aggregation that are:
- Screen Scraping:
Process of collecting data from one app by providing user credentials
- Direct Connections:
Happening via application programming interfaces (APIs)
The best thing about account aggregation is that it helps customers to see and manage all of their accounts easily.
I hope you too now know about Account Aggregator RBI
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Authors Of The Question
What Is Aggregator In Banking?
Vidya
390Views
2 Year
2022-07-22T08:59:12+00:00 2022-07-22T08:59:14+00:00Comment
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