Account Aggregator

Dear Valued Customer,

Thank you for trusting Girdhar Finlease Private Limited (GFPL). As part of our commitment to responsible and transparent lending, we use the Account Aggregator (AA) framework regulated by the Reserve Bank of India (RBI). This secure system lets you share financial data (e.g., bank statements) only with your consent, for purposes such as loan monitoring, credit assessment, and regulatory compliance.

Bellow is additional information on what is an account aggregator

Account Aggregator

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Account Aggregator (AA) is a type of RBI regulated entity that acts as a common platform to enable easy sharing and consumption of data from various financial institutions with the user's consent. The Account Aggregator helps individuals to share their financial data with third parties in a safe and secure manner and gives them greater control over how their data is being used.

An Account Aggregator obtains data from a Financial Information Provider (FIP) and provides it to a Financial Information User (FIU) after obtaining explicit digital consent from the user. Financial information of the user cannot be retrieved, shared, or transferred by the Account Aggregator without the explicit consent of the user. The data that flows through an AA is encrypted and can be processed only by the FIU for whom the data is intended. Also, an AA cannot store any user's data - thus, the potential for leakage and misuse of the user's data is prevented. 30daysloan acts as a Financial Information User (FIU).

Various players under the AA ecosystem are FIPs, FIUs, AAs, and TSPs:

• Financial Information Provider (FIP): FIPs are institutions such as banks, NBFCs, mutual fund depositories, insurance repositories, pension fund repositories, asset management companies, etc., which provide data to FIUs.

• Financial Information User (FIU): An FIU is an entity registered with and regulated by any financial sector regulator which consumes the data received from an FIP for easier access to credit, insurance, and other financial products, or to just keep track of all their investments.

• Technology Service Provider (TSP): TSPs collaborate with FIUs and FIPs to deliver AA products and services. TSPs develop foundational modules for the account aggregators in the ecosystem.

Account Aggregator model: The basic account aggregator model has 4 segments: Customer, Account Aggregator (acting as a Consent Manager or Financial Data Access Fiduciary), Financial Information Provider (FIP), and Financial Information User (FIU). The Account Aggregator model in a pictorial view is appended below:

Account aggregators, essentially, will act as consent brokers, taking user permission to access their financial accounts and aggregate and organize all their financial information in one place. The data shared by the AA system will have secure digital signatures. The data will remain in encrypted form during its journey from FIP to FIU.

In case of any complaints, please mail to Grievance@30daysloan.com.

The Advantages of the Account Aggregator Framework

Account Aggregator can make financial services like loans and credit facilities much more seamless and accessible for everyone using the existing digital infrastructure.

Hassle-free

Account Aggregator makes it effortless to gather data at the user's end and enter data at the service provider's end.

Fast

Account Aggregator allows faster processing, and quicker access to products or services.

Comprehensive

With the entire financial profile in one place, service providers gauge your needs in a better way.

Real-Time

Information for each synced account is up-to-date and available online, reducing the margin for errors.

Verified

Financial data is directly delivered from authorized accounts, eliminating data errors.

Transparent

Aggregation increases transparency by helping you get a better picture of your finances.

The following Account Aggregators are available with 30daysloan:

1. CRIF Connect

2. One Money

3. Finvu