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CRIF Connect gets RBI’s approval to operate as account aggregator

March 27, 2023

CRIF Connect gets RBI’s approval to operate as account aggregator
CRIF Connect, a subsidiary of credit bureau company CRIF S.p.A on Thursday announced it has received approval from the Reserve Bank of India (RBI) to begin operations as a Non-Banking Financial Company- Account Aggregator (NBFC-AA).

CRIF Connect joins FinSec AA Solutions, Yodlee Finsoft, CAMSFinServe, NESL Asset Data, Cookiejar Technologies and Perfios Account Aggregation Services licensed to operate as AAs in India. CRIF Connect is an encrypted platform that shares consent-based financial data of consumers with financial institutions.

“The Account Aggregator framework puts the customer in the centre of the ecosystem, giving them control of secured and hassle-free data sharing. It is a game-changer for increasing digital adoption, financial inclusion and providing financial services with higher operational efficiencies,” said Wilfred Sigler, Senior Director – CRIF India and South Asia in a statement.

Through the CRIF Connect App, users can view their financial data in one place and choose information to share with the financial institution and make changes to their consent to even deny or revoke any time.

Following the central bank’s directions back in 2016 on AAs, revised in 2021, the AA network was introduced as a financial data-sharing system to facilitate credit and investment, giving consumers access and control over their financial records and expanding the potential pool of users for financial sector entities and fintech companies.

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