The Account Aggregator (AA) framework is an RBI-regulated system that enables real-time, consent-based sharing of financial information between Financial Information Providers (FIPs) like banks, mutual funds, insurers; and Financial Information Users (FIUs) like lenders and wealth managers. AAs do not store or process user data permanently they facilitate encrypted transfer of specified data as permitted by the user.

Users can link one or more financial accounts to an AA, specify exactly what data (e.g. bank statements, transaction history) to share, select which FIU gets it, and for how long. Consent can be revoked. The AA ecosystem includes multiple service providers (e.g. CAMS FinServ, PhonePe AA) through which users may link accounts.

Importantly, this framework differs from Aadhaar-eKYC, CKYC, or credit bureaus which typically share limited identity or credit history data. AAs allow sharing of richer transactional data. The system improves speed and reduces costs for accessing loans, enhances financial decision-making, and supports emerging models like collateral-free credit using GST or GeM cash flows.