PhonePe launches account aggregator services: Here's what you need to know

Delhi : Tuesday saw the introduction of PhonePe's account aggregator (AA) services. Rahul Chari, co-founder and chief technology officer, stated in a statement that the AA network "sets the stage for a new era of digital connectivity."

By enabling individuals to access and manage their own financial data, this will completely change how people interact with financial services. Now that people have access to their own information, they are better equipped to make wise financial decisions and take advantage of a variety of possibilities.

What you need to know about PhonePe's Account Aggregator services is provided below:

1. Customers may exchange all of their financial data with regulated financial institutions (RFIs) through the feature, which was introduced by PhonePe Technology Services Private Limited (PTSPL), the company's wholly-owned subsidiary.
2. The financial information includes things like tax returns, insurance policies, and bank statements. These are employed for a variety of things, including loan applications, new insurance, investing guidance, and more.
3. People can also suspend or cancel any active data consent. Direct access to the PhonePe website or mobile app is available for this.
   
4. PTPSL has already partnered with YES Bank, Federal Bank, AU Small Finance Bank, and several other financial information providers (FPIs) to offer the AA services. A greater number of FPIs will probably be incorporated before the month is out.
   
5. The Bengaluru-based company has created an AA mini app inside the PhonePe consumer app as a quick and simple introduction. Customers may sign up for a new interoperable AA handle here and quickly access their bank statements via the app's homepage's "Check Balance" feature.
6. In August 2021, PhonePe received preliminary authorisation from the Reserve Bank of India (RBI) to function as an Account Aggregator.