Account Aggregator definition

Account Aggregator means a non-banking financial company as notified under in sub-clause (iii) of clause (f) of section 45-I of the Act, that undertakes the business of an account aggregator, for a fee or otherwise, as defined at clause (iv) of sub-section 1 of section 3 of these directions.

Account Aggregator means a person that undertakes the business of providing the service of retrieving or collecting information of its customer pertaining to financial assets and consolidating, organizing and presenting such information to the customer or any other person as per the instructions of the customer;

Account Aggregator. , “AA”. “AA Vendor” means the vendor selected from the RFP released by NABARD on 12 September 2022 and reference no. RFP No. NB.DFIBT/4237/DFIBT-184 /2022-23 Dated 12 September 2022

Examples of Account Aggregator in a sentence

• The NBFC-Account Aggregator (AA) consolidates financial information, as defined in para 3(1)ix of Master Direction- Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016, of a customer held with different financial entities, spread across financial sector regulators adopting different IT systems and interfaces.

• These directions provide a framework for the registration and operation of Account Aggregator in India.

• The Bank may, from time to time, prescribe return/s to be submitted by Account Aggregator as deemed fit.

• The Bank may, at any time, cause an inspection by one or more of its officers or employees or other persons, of any Account Aggregator and at any intervals as it deems fit.

• The Account Aggregator framework facilitates consented sharing of information in real time.

• Account Aggregator acts as an intermediary and helps connect the customer to multiple Financial Information Providers (FIPs) through standardized API interfaces.

• An Account Aggregator is an entity regulated by the Reserve Bank of India with an NBFC-AA license 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 account aggregator network.

• The objective of this RFP is to on board Technology Service Provider (TSP) to implement Account Aggregator solution in the Bank to integrate with Account Aggregator ecosystem.

• Every Account Aggregator shall conduct a self-assessment of their existing outsourcing arrangements and bring these in line with the directions as provided at Annex 7.

• The Account Aggregators shall share the user’s bank profile and transaction data with Navi Finserv in themanner as set out in the consent artifact provided by the user to the Account Aggregator.The user agrees that the consent submitted under the consent architecture permits Navi Finserv to undertake analytics using the data received from the Account Aggregator.

More Definitions of Account Aggregator

Account Aggregator means NADL