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Account Aggregator Network (AAN)

  Oct 31, 2021

Account Aggregator Network (AAN)

Q Why is it in News ?

A The Account Aggregator system in banking has been started off with eight of India’s largest banks. In this newscard, we shall learn it in a FAQ manner.

Q What is an Account Aggregator?

Q How would it improve an average person’s financial life?

Q How is AAN different to Aadhaar eKYC data sharing?

Q What kind of data can be shared?

A

Q Can AAs view or ‘aggregate’ personal data? Is the data sharing secure?

Q Can a consumer decide they don’t want to share data?

A Yes. Registering with an AA is fully voluntary for consumers.

Q How can a customer get registered with an AA?

Q Does a customer need to pay the AA for using this facility?

Q What new services can a customer access if their bank has joined the AA network of data sharing?

A The two key services that will be improved for an individual is access to loans and access to money management.