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Democratizing data for customers through responsible sharing will actually democratize credit for people in the financial ecosystem. As a part of India stack, the Account Aggregator (AA) network is based on a mix of frameworks Open Credit Enablement Network (OCEN) and The Data Empowerment and Protection Architecture (DEPA). Today, in financial institutions, it is not only the culture of managing data that will require a change, but also the culture of curating data from customers. As responsible curation of data is coupled with standards for sharing, including technical and security, a myriad of opportunities open up for Banks, NBFCs, Wealth managers and other participants in ecosystem.
Courtesy: Parallelhq.com
The basic principles of Account Aggregator framework include -
An account aggregator will facilitate seamless sharing of data between participants like lending houses who find it difficult to source personal and financial information of customers as well as customers who are caught in lengthy fulfillment cycles due to lack of ready and trustworthy information.
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Ritesh Jain Founder at Infynit / Former COO HSBC
13 January
Luke Voiles CEO at Pipe
10 January
Kajal Kashyap Business Development Executive at Itio Innovex Pvt. Ltd.
08 January
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