{"id":15895,"date":"2023-02-28T16:14:00","date_gmt":"2023-02-28T10:44:00","guid":{"rendered":"https:\/\/blogrevamp.cashfree.com\/?p=15895"},"modified":"2026-04-22T09:40:29","modified_gmt":"2026-04-22T04:10:29","slug":"account-aggregator-framework-enabling-fintech-ecosystem-in-india","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/","title":{"rendered":"Account Aggregator Framework: How it is Enabling Fintech Ecosystem in India"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a8f2c7c11e72\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #364250;color:#364250\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #364250;color:#364250\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a8f2c7c11e72\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#Most_Popular_Use_Cases_of_Account_Aggregator_Framework\" >Most Popular Use Cases of Account Aggregator Framework<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#Financial_Services_Industry\" >Financial Services Industry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#Lending_Services\" >Lending Services<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#Benefits_to_the_Lending_Service_Companies\" >Benefits to the Lending Service Companies:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#WealthPersonal_Finance_Management\" >Wealth\/Personal Finance Management<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#Benefits_to_the_Wealth_Management_Companies\" >Benefits to the Wealth Management Companies:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#Income_Tax_Return_Filing_Platforms\" >Income Tax Return Filing Platforms<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#Insurance_Services_Industry\" >Insurance Services Industry<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#Benefits_to_the_Insurance_Companies\" >Benefits to the Insurance Companies:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#Accounting_Services_Industry\" >Accounting Services Industry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#Reconciliation_of_Accounts\" >Reconciliation of Accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#Virtual_Card_Industry\" >Virtual Card Industry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#Automated_Expense_Management\" >Automated Expense Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#Neo-Banks\" >Neo-Banks<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/blogrevamp.cashfree.com\/account-aggregator-framework-enabling-fintech-ecosystem-in-india\/#Final_Words\" >Final Words<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">The Account Aggregator (AA) Framework received a tremendous response within a year of its official release of the account aggregator framework by the RBI. It has already recorded <a href=\"https:\/\/www.livemint.com\/companies\/news\/account-aggregator-transactions-set-to-soar-11670766855551.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">1.1 billion<\/a> AA-enabled accounts with 2.05 million users sharing their financial data voluntarily.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, for instance, an average Indian user applies for a financial service (loan, insurance, etc.). Now their efforts of sharing his bank details, notarising copies for authentication, and much more are simplified. Wondering how? It is through the digitised data-sharing processes of the account aggregator framework by the RBI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We already had an overview of <a href=\"https:\/\/www.cashfree.com\/blog\/what-is-account-aggregator\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=account-aggregators-enabling-different-industries\" target=\"_blank\" rel=\"noreferrer noopener\">what is an account aggregator, who are the key players, and how they work<\/a> in our previous blog.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this blog, let&#8217;s explore the popular use cases. We will also look at how the account aggregator framework is enabling digital data sharing of the user\u2019s financial information in the fintech ecosystem.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-most-popular-use-cases-of-account-aggregator-framework\"><span class=\"ez-toc-section\" id=\"Most_Popular_Use_Cases_of_Account_Aggregator_Framework\"><\/span>Most Popular Use Cases of Account Aggregator Framework<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The annual transaction volume (transfer of bank statements) through AAs is expected to reach 5 billion by 2027, as per reports. However, this is only an estimation of the potential transfer of the bank statements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The framework is much broader than sharing just the bank statements. It is because it involves sharing a user&#8217;s financial data (investment, insurance, card details, etc.) through the tamper-proof system. It is shared between the FIPs (Financial Information Providers) and FIUs (Financial Information Users).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thus, such data sharing opens doors for many use cases, and as and when new users are enabled with AA accounts, new use cases continue to emerge.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s look at some of the most popular use cases of account aggregators for various industries.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-financial-services-industry\"><span class=\"ez-toc-section\" id=\"Financial_Services_Industry\"><\/span>Financial Services Industry<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The financial service industry is one of the most popular and significant industries to use AA services. It has already proven its capabilities to extend the account aggregator framework&#8217;s benefits to MSMEs and underserved populations of the country.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-lending-services\"><span class=\"ez-toc-section\" id=\"Lending_Services\"><\/span>Lending Services<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Peer-to-peer lending<\/strong>,<strong> Digital Banking Units (DBUs)<\/strong>, <strong>micro-lending<\/strong>,<strong> <\/strong><a href=\"https:\/\/www.cashfree.com\/blog\/epos\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=account-aggregators-enabling-different-industries\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>POS (Point-of-Sale)<\/strong><\/a><strong> lending<\/strong> etc., are all examples of modern credit services in India. Apart from traditional lending services, these modern lending services can also provide customer-oriented services. All thanks to simplifying financial data sharing through AAs.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/omj4I1y_4CWaE4NTI9cIMhYNWJVpG_wydbNLnj6YU6zGs-_15YrDoKxpVhGZzqSNyXQxJpGOY8-NiCj-Hqnh7jKIO68r_Qjp5T4UOb3fL1YwQECa7yTpzbaK9rOeSUdAvZQ__9BHi3vVf4BSQP3HMPg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Lending services, whether from a bank, financial institution or a <a href=\"https:\/\/www.cashfree.com\/blog\/lending-as-a-service\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=account-aggregators-enabling-different-industries\" target=\"_blank\" rel=\"noreferrer noopener\">non-bank entity<\/a>, will be more streamlined. The data-sharing from the AAs will bring ease of access to the critical financial information of the users.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_to_the_Lending_Service_Companies\"><\/span><strong>Benefits to the Lending Service Companies<\/strong>:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>KYC details<\/strong> will be fetched from the <strong>central database.<\/strong><\/li>\n\n\n\n<li><strong>Fraud and money laundering cases<\/strong> will be <strong>reduced significantly<\/strong> as the identity details are taken from reliable legal entities.<\/li>\n\n\n\n<li><strong>Underwriting and credit access<\/strong> will be <strong>simplified<\/strong> due to the <strong>ease of data access.<\/strong><\/li>\n\n\n\n<li><strong>New users<\/strong> can avail of credit services more conveniently. It is so because the details are shared from the central database directly provided by banks.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-wealth-personal-finance-management\"><span class=\"ez-toc-section\" id=\"WealthPersonal_Finance_Management\"><\/span>Wealth\/Personal Finance Management<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Through account aggregators, wealth and personal finance management services have gone to the next level since the <strong>customer onboarding time is reduced drastically<\/strong>. It is reduced from many days to a few hours and sometimes even a few minutes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Consent-based data sharing of the account aggregator framework has <strong>enabled financial service firms<\/strong> to <strong>offer tailor-made wealth management services<\/strong> to their clients.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_to_the_Wealth_Management_Companies\"><\/span><strong>Benefits to the Wealth Management Companies<\/strong>:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.cashfree.com\/blog\/what-are-the-kyc-procedures-for-merchant-onboarding\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=account-aggregators-enabling-different-industries\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Smooth KYC<\/strong><\/a><strong> <\/strong>and<strong> customer onboarding<\/strong><\/li>\n\n\n\n<li>The<strong> clients&#8217; consolidation of assets (stocks, mutual funds, FDs, etc.) <\/strong>is<strong> faster <\/strong>and<strong> more accurate<\/strong><\/li>\n\n\n\n<li>It enables<strong> investment behaviour analysis <\/strong>of the customers to offer personalised investment solutions<\/li>\n\n\n\n<li>It <strong>saves customers\u2019 time<\/strong> usually spent providing manual documents by <strong>automatically sharing<\/strong> them through <strong>encrypted data strings<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-income-tax-return-filing-platforms\"><span class=\"ez-toc-section\" id=\"Income_Tax_Return_Filing_Platforms\"><\/span>Income Tax Return Filing Platforms<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Be it your <strong>personal income tax<\/strong> or <strong>indirect tax like GST<\/strong> (goods and service tax), <strong>data consolidation<\/strong> is one of the most critical tasks while filing tax returns. AAs can help users <strong>consolidate<\/strong> their <strong>income information<\/strong> in one statement and thus, calculate their tax liability accurately.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, a salaried individual receives salary income but may also have sold a property and have a capital gain tax liability. So, AAs can fetch these details from their bank accounts and create one consolidated statement of an individual\u2019s income from different sources.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/RL4HJlLmhO4vUmXyhZGIH8XtGcRI86hF9ScoUOYkJ-Km9UFd_y1qmxVIDBJ7uTfpo8MqjEEEdiJ651WEisi6HCsNBbmYy7Rb-SLs45nv-Xd679LRJBPwEEOO6SDRQIdtok2SUq-wAUg1ys1ewheb6Xs\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">What you have on your <a href=\"https:\/\/cleartax.in\/s\/new-annual-information-statement-ais#:~:text=Annual%20Information%20Statement%20(AIS)%20is,the%20information%20displayed%20in%20AIS.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Annual Information Statement (AIS)<\/a> on your income tax portal is an excellent example of simplified income tax return consolidation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-insurance-services-industry\"><span class=\"ez-toc-section\" id=\"Insurance_Services_Industry\"><\/span>Insurance Services Industry<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The insurance sector in India is the <strong>fifth largest insurance market globally,<\/strong> with an annual <a href=\"https:\/\/www.ibef.org\/industry\/insurance-sector-india#:~:text=India%20is%20the%20fifth%20largest%20life%20insurance%20market%20in%20the%20world%27s%20emerging%20insurance%20markets%2C%20growing%20at%20a%20rate%20of%2032%2D34%25%20each%20year.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">32-34%<\/a> growth rate. Hence, simplifying business processes at various levels through AAs is a significant market opportunity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Insurance companies can access customers\u2019 financial information, such as <strong>creditworthiness<\/strong>, <strong>overall risk appetite<\/strong>, <strong>other insurance requirements<\/strong>, etc. using account aggregators\u2019 services.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.cashfree.com\/contact-sales\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=account-aggregators-enabling-different-industries\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/lI1JO1T-rb6Z72VGsBiIbsu-4OG3E2Wqb814ebUMrA1uK1auKkTU30XdOytRh_FHznVKAZzgVmWDozAWDVzJsFZ6ogm97I9QrKH9dTOs5YLKtL9HK-7QFjh4Zd2mfqyvDWF2tr6gzaIN04MIWr5qSLw\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">This information can help insurance companies frame more <strong>personalised insurance solutions <\/strong>for the customers, reducing<strong> customer acquisition costs<\/strong>.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_to_the_Insurance_Companies\"><\/span><strong>Benefits to the Insurance Companies<\/strong>:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Faster customer onboarding<\/strong><\/li>\n\n\n\n<li><strong>Better<\/strong> <strong>risk coverage analysis<\/strong> will ultimately help these companies perform <strong>accurate risk underwriting<\/strong><\/li>\n\n\n\n<li><strong>Prevention of fraud<\/strong> while settling the claims through effective spending analysis<\/li>\n\n\n\n<li><strong>Cost-friendly<\/strong> insurance solutions for customers<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-accounting-services-industry\"><span class=\"ez-toc-section\" id=\"Accounting_Services_Industry\"><\/span>Accounting Services Industry<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Indian accounting software market will reach <a href=\"https:\/\/www.maximizemarketresearch.com\/market-report\/india-accounting-software-market\/44134\/#:~:text=India%20Accounting%20Software%20Market%20size%20was%20valued%20at%20US%24%209.67%20Bn.%20in%202020%20and%20the%20total%20revenue%20is%20expected%20to%20grow%20at%20a%20CAGR%20of%208.5%25%20through%202021%20to%202027%2C%20reaching%20nearly%20US%24%2017.12%20Bn.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">$17.12 billion<\/a> by 2027 (<a href=\"https:\/\/www.cashfree.com\/cagr-calculator\/\">with a CAGR of 8.5%<\/a>). As technology has advanced, it has made it easy for companies to manage their books of accounts from anywhere, anytime.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Account aggregators can further streamline various accounting services such as <strong>faster reconciliation of accounts<\/strong>, <strong>effective accounts payables\/receivables management<\/strong>, etc. Let\u2019s look at these individual use cases in detail.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-reconciliation-of-accounts\"><span class=\"ez-toc-section\" id=\"Reconciliation_of_Accounts\"><\/span>Reconciliation of Accounts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">AAs can fetch bank statement details in real-time; hence, the reconciliation of bank accounts, suppliers\u2019 accounts, and customers\u2019 dues become much more simplified. So, with AA-enabled accounts, companies can check in real-time whether a particular transaction is reflected in the bank statement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/kS53-CBDXhQ_bZjK1YeppNTu88bSPDIlODu4Fh6Wj3eIS3UrARHs8AW3tGRe2sH63Aew1nF1yCj5lW7PTgGfQettIT6sKUmYmzeblwlWCSd7ZW13qGmG8WN49gMJ-qfnyT-2qba987ST6lYmk5q7a8c\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-virtual-card-industry\"><span class=\"ez-toc-section\" id=\"Virtual_Card_Industry\"><\/span>Virtual Card Industry<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">As per the ACI worldwide\u2019s analysis, <a href=\"https:\/\/www.futuremarketinsights.com\/reports\/virtual-cards-market#:~:text=According%20to%20the%20ACI%20Worldwide%20analysis%2C%20digital%20payments%20will%20account%20for%2071.7%25%20of%20total%20transaction%20volume%20in%20India%20by%202025%2C%20while%20cash%20and%20cheques%20will%20account%20for%2028.3%25.%20As%20a%20result%2C%20as%20the%20number%20of%20digital%20payments%20grows%2C%20so%20does%20the%20need%20for%20virtual%20cards.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">71.7%<\/a> of Indians will use digital payment methods by 2025. Needless to say that <strong>virtual card payments have become the need of the hour<\/strong>. <strong>AAs<\/strong> can be one of the main <strong>support pillars to grow <\/strong>this industry to the next level.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/XUDcMtWCWYDSZQoX-LX0Lq_GdPtYfyuK2LgAjjE8DFSGMWndrjBjTH1-4bt4IimlSZIbtEoBpGsGhSHZfeIPxQ4fYNqeKeQFORgBjPVzkXvw8F6TRBMU4DuMWDKcH_fWoKOJcSRSgVAGGv1LDEZaY6Q\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s see how AAs can become crucial partners for the growth of the virtual card industry.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Onboarding customers<\/strong> for signing up for the virtual cards<\/li>\n\n\n\n<li><strong>Auto-populating<\/strong> customers\u2019 <strong>personal information<\/strong>&nbsp;<\/li>\n\n\n\n<li><strong>Linking bank accounts<\/strong> to virtual cards<\/li>\n\n\n\n<li><strong>Reconciling payments<\/strong> and <strong>receipts<\/strong><\/li>\n\n\n\n<li><strong>Adding money<\/strong> to a card wallet&nbsp;<\/li>\n\n\n\n<li>Providing <strong>card spend analysis<\/strong> to the FIUs<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-automated-expense-management\"><span class=\"ez-toc-section\" id=\"Automated_Expense_Management\"><\/span>Automated Expense Management<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">As virtual corporate cards help to manage employee expenses more efficiently, AAs play a significant role in streamlining transactions in real-time. Therefore, with AAs, offering expense cards to employees becomes a few clicks matter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">AAs also help <strong>link employee expense cards<\/strong> to the <strong>company\u2019s bank accounts<\/strong>. You can <strong>reconcile expenses in real-time<\/strong>. Additionally, AAs can fetch other <strong>critical user information<\/strong> to help you make more informed decisions.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-neo-banks\"><span class=\"ez-toc-section\" id=\"Neo-Banks\"><\/span>Neo-Banks<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The neo-banking market in India will rise 281% ($48 billion in 2022 to $183 billion) by 2030. It will have a 9% market size of the total fintech market. Thus, the future of neo-banks (fully digital banks with no physical existence) looks promising.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, herein, the <strong>information exchange through AAs<\/strong> will be the <strong>most crucial aspect<\/strong> of their growth.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">AAs can enable these companies to smoothly <strong>onboard a customer<\/strong>, <strong>link banking information<\/strong>, <strong>update financial data in real-time<\/strong> as well as have a <strong>central system<\/strong> to handle all finances.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-final-words\"><span class=\"ez-toc-section\" id=\"Final_Words\"><\/span>Final Words<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ever since the SEBI (the Securities and Exchange Board of India) joined the AA framework recently to allow financial data sharing about stocks, mutual funds, and other listed securities, the importance of AA-enabled accounts has risen.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From <strong>faster credit lending turnarounds<\/strong> to <strong>advising on financial portfolio management<\/strong>, AAs are the <strong>game changers<\/strong>.<strong> <\/strong>Thus, AAs are here to<strong> disrupt the fintech space<\/strong> to revolutionalise how <strong>consent-based data sharing<\/strong> can <strong>lead to more creative innovations<\/strong>.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/m72hHpNBSe0l-pJ_fOzDtAiqe5KVRLN1lVhTNWBQVYphrFDOqvM7enOgQQMUiK5Ij2lg6RggwSow7Vb0h65mcPnPMFQBcBEajWk8rbkNtTETtbOdCcfnSYYekENtNbsPWQbk2V-DL6Yc2nH1gSR8X0s\" alt=\"\"\/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>How does the Account Aggregator Framework enable different industries? 7 Use Cases of Industries Growing &#038; Simplifying Business via AAs.<\/p>\n","protected":false},"author":17,"featured_media":15919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1525],"tags":[5374,1522],"class_list":["post-15895","post","type-post","status-publish","format-standard","has-post-thumbnail","category-banking","tag-account-aggregator","tag-cashfree-payments"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - 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