Account aggregator system faces gaps

Three years after India unveiled the account aggregator (AA) framework to facilitate consented sharing of consumers' financial information, multiple gaps still plague the system that was rolled out as an overarching network connecting various regulators and market players.

The account aggregator framework is meant to give individuals greater visibility and control over all their financial data in one place. It is also meant to make wealth management and availing credit easier, by allowing individuals to share relevant financial data with other platforms securely.

Fintech startup Fold Money is a digital platform connected to the account aggregator framework. Among other services, Fold allows its users to connect their bank accounts on its platform so they can track their savings and expenses and share their bank statements securely. However, this only applies to banks on the Fold Money network.