22 Apr 2022 By PAYCEC
Open Banking is here to stay not only in India but also in other developed economies such as the EU, the UK, Singapore, Hong Kong, South Korea, etc. It's similar to a partnership between traditional banks and emerging financial players. Furthermore, Open Banking is beneficial to SMEs. Fintech firms will be able to use APIs to gain access to various sorts of accounts, insurance, card accounts, and leases, as well as integrate data from many banks into a single frame.
The Reserve Bank of India issued a Master Direction in 2016 to create Account Aggregators (or 'AAs') to help with the Open Banking system. AAs operate on a strict consensual basis, relying on permission agreements between the customer, the bank, and themselves, as neutral third-party operators. They are only channels for data to pass depending on consent, and they are not permitted to view, keep, or use the data they handle. The directives also include an IT framework for the AAs, which includes the consent architecture and operational procedure.
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