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Account Aggregator

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CRIF Connect is an Account Aggregator licensed by RBI that empowers to assist you in simple and safe exchange of your data between financial institutions like Banks...

What is an Account Aggregator?

An Account Aggregator (AA) like CRIF Connect is an RBI regulated digital platform that helps you securely share your financial data from your account to any other financial institution that requires this data to serve you. These financial institutions are entities like banks, insurance companies etc. that offer you their financial services.

  • The data is shared only with your consent.

  • You can approve or deny requests for data and view the purpose and duration of such requests

  • Consents, once given, can be paused, or revoked anytime on CRIF Connect app or website.

Why do we need Account Aggregation?

An Account Aggregator empowers you with control over your financial data which otherwise remains only with financial institutions. It also enables financial institutions to safely share and receive individuals’ data reducing the risk of fraud

CRIF Connect is an Account Aggregator licensed by RBI that empowers to assist you in simple and safe exchange of your data between financial institutions like banks, insurance agencies, mutual fund companies or any regulatory bodies by providing its user an end-to-end encrypted data sharing platform that securely retrieves and delivers financial data from one financial entity to another, without ever reading, storing or using it. CRIF CONNECT thus acts like a bridge, to deliver your data only based on your consent.

How does it work?

CRIF Connect securely connects to your accounts with various financial institutions where you have a relationship, namely banks or mutual funds. They are called FIPs – Financial Information Providers. With your consent,  CRIF Connect can aggregate the financial data which is held in multiple accounts in these FIPs.  On the CRIF Connect app, a user will be able to see various details with respect to their account balances, deposits, investments etc. all at the same time.

With your consent,  CRIF Connect securely retrieves your financial information from these FIPs and delivers it to FIUs – Financial Information Users. These FIUs are institutions that require this information to offer you a variety of services such as loans, insurance, or wealth management and many other.

On the app, you can

  • See all your financial information at one place

  • Choose what information to share with a financial institution, real-time

  • Manage your consents-give, deny and revoke them anytime

Benefits of Account Aggregator

  • Secure and seamless

    CRIF Connect is an end-to-end encrypted channel that securely fetches and shares your financial data with financial institutions, making data sharing extremely safe using RBI approved security guidelines in the highest order .

  • Privacy-centric

    No sharing of login credentials with third parties, greatly reducing security breaches. CRIF Connect can’t read, or resell consumer data. Nor can it use the data in any form whatsoever. A truly ‘data blind’ and ‘encrypted’ platform.

  • Consent-driven

    CRIF Connect will ask for your consent to share your financial data with other FIs. The data will never be shared without your consent. You can also choose the duration of your consent and cancel or revoke it at anytime.

  • User-controlled

    Using RBI enabled state of the art security protocols, the user is in full control of all their financial data, all the time. You can see your balances, deposits, investments etc.at one place.

  • All-digital

    No physical document collection or submission, preventing leakage and misuse. It also speeds up the process of sharing and approvals.

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