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ACCOUNT AGGREGATOR

The Account Aggregator Ecosystem is consent based data sharing mechanism that helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the AA network.

It helps the Lenders\Service Providers to leverage on Digital data acquired with the consent (Sahamati) from the Customers eliminating the need of physical documentation .Data cannot be shared without the consent of the individual.

PARTICIPANTS IN THE ACCOUNT AGGREGATOR ECOSYSTEM

• Account Aggregator
• Financial Information Provider (FIP) & Financial Information User (FIU)

City Union Bank is live on the Account Aggregator Ecosystem both as FIP and FIU. Financial Information User (FIU) can request for data from the Financial Information User (FIP) based on a simple consent given by the Customer on their Account Aggregator handle.

Customers can share Data digitally on real time basis. The framework is as per the Reserve Bank Information Technology (ReBIT) guidelines and follows data privacy and encryption standards.

Bank has on boarded Computer Age Management Services Pvt Ltd for providing consent manager. Below are the steps to register:

ACCOUNT AGGREGATOR - STEP 1

REGISTER PROCESS

• Registering for account aggregation with AA is simple.
• Download the CAMSFinserv Android App from Playstore – type as CAMSFinservAA

ACCOUNT AGGREGATOR WEB PORTAL:

• CAMSFinServ : https://camsfinserv.com/homepage

ACCOUNT AGGREGATOR APP:

• CAMSFinServ :Playstore -> CAMSFinServ AA
• Use the mobile number you’ve registered with your bank and set a 4-digit PIN. Bank will verify your mobile number with an OTP, and after that, set [Your mobile number]@camsaa as your AA handle.
• [Your mobile number]@camsaa is simple and easy to remember, though you can select your own [username]@camsaa at this step. You won’t be able to change your AA handle once you approve a data sharing request or Consent from any financial institution

ACCOUNT AGGREGATOR - STEP 2

DISCOVER AND ADD YOUR BANK ACCOUNTS

• Next, CAMS AA automatically searches for savings, current, and fixed deposit accounts in participating banks linked to your registered mobile number.
• Once CAMS discovers your accounts, you can select the accounts you want to link to your AA. If you wish, you can manually add your accounts from the participating financial institutions as well. There are no limits to how many accounts you can link. You can unlink accounts at any time from CAMS AA.

ACCOUNT AGGREGATOR - STEP 3

APPROVE AND MANAGE CONSENT FOR DATA SHARING

• While approving the consent request, select the specific bank account(s) from which you want to share financial data. If you’ve added more than one account in CAMS AA (in Step 2), you can select which of these account(s) you would like to share data from.
• Once you give consent, CAMS AA will connect bank to fetch the required data and pass it on to the requesting lender securely in an encrypted format.
• Under RBI regulations, CAMS AA cannot access, much less store your data. Bank merely execute consented data transfer. Simply put, data is fetched and passed in a secure manner with explicit customer consent.
• You can revoke the consent anytime you choose.