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India Launches Account Aggregator To Extend Financial Services To Millions (techcrunch.com) 23

Posted by msmash from the moving-forward dept.
On Thursday, eight Indian banks announced that they are rolling out -- or about to roll out -- a system called Account Aggregator to enable consumers to consolidate all their financial data in one place. From a report: The objective of Account Aggregator (AA) is to aggregate all financial information of an individual, said M Rajeshwar Rao, Deputy Governor of India's central bank -- Reserve Bank of India -- at a virtual event Thursday.

The new system makes it possible for banks, tax authorities, insurers, and other finance firms to aggregate data of customers -- who have provided their consent -- to get better understanding about their potential customers, make informed decisions and ensure smoother transactions. Users who provide consent -- and it only takes a few taps to do so -- will be able to share their financial information from one Account Aggregator participant to another through a centralized API-based repository. Users get to decide for how long they wish their data to be shared with a particular Account Aggregator participant.
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India Launches Account Aggregator To Extend Financial Services To Millions More

India Launches Account Aggregator To Extend Financial Services To Millions

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  • Seems like yet another bad idea. As convenient as this might be, putting everything in one place is unwise.

    • Seems like yet another bad idea. As convenient as this might be, putting everything in one place is unwise.

      My Password manager agrees with you. ;-)

    • Especially when government agencies are among of the participants.

      • And when it's in a country run by a xenophobe with Fascist tendencies like Modi.

        • What's this strange fetish with pushing religion, caste & politics everywhere without any context ?
          Absolutely no one gives a shit. I see it all over the net since a year or so. Removes whatever credibility that might have been there.
          I'm sorry but it's quite retarded.
          Unless someone's paying for such things. In which case where do I sign up ?

      • You mean the organization that you're a shareholder of, and whole CEOs are chosen by you...
        unlike coprorations, that would and do whore off your privacy for a dime?

        Yeah, sorry for the reality check, faux-libertarian fascists.

    • There was a large demonetisation operation a few years back, this looks like a followup step in taking full control over the money flows.In a neoliberal context that is not good news

  • Transparency? (Score:3)

    by jacks smirking reven ( 909048 ) on Thursday September 02, 2021 @10:46AM (#61756873)

    This on it's face may not be a bad idea if it's free for the actual consumers to access and restrict the data that goes into it and every financial firm that has consumer data clearly posts it for every person and how they arrived at their conclusions.

    I would have to compare it to the US credit rating system where you can access your records for free but the scoring systems seem to be black-box proprietary algorithms, which is almost criminal considering how some peoples life decisions are affected by those numbers. FICO should be forced to open up their algorithm or it should be replaced with something 100% transparent if it's going to be the standard for people. It's not really a "free market" solution if the end users are in the dark about it. Maybe India will avoid the pitfalls of the American system.

  • $10 says at least 1 of the 8 banks gives API access that isn't read-only to the aggregator... any takers?

    • Re: (Score:2)

      by ranton ( 36917 )

      $10 says at least 1 of the 8 banks gives API access that isn't read-only to the aggregator... any takers?

      For that to be an actual breach, not only would the bank have to provide create/update/delete access in their APIs but other banks would have to actively be looking for this gap and actively exploit it. I find that unlikely. As soon as it happened it would be caught in audits and the perpetrators would be prosecuted. What would the other banks have to gain?

  • Isn't this just a fancy way of describing a more invasive credit scoring service? Not that I'm for that - credit scores can feel quite oppressive.
    And I'm very suspicious. They say it's voluntary, but it won't be long before no one will do business with people that don't voluntarily choose to participate.
    "You didn't opt in? Oh, I'm sorry, you can't lease an apartment here."

    • You nailed it.

      India has a history of this stuff. The 2016 Aadhaar Act was one of the first in the world to combine a unique national identifier for every person, with collection of their biometric data at national scale.

      It was never 'mandatory' to take part, but it was [thehindu.com] in practice. It quickly turned out that you couldn't: receive a pension, open a bank account, apply for scholarships, making any purchase at all over a certain threshold, or even receive medical treatment for HIV - without being a part of thi

  • in banks, law enforcement, and tax enforcement to spy on their vassals, the public.

  • https://en.wikipedia.org/wiki/... [wikipedia.org]

    They say it's "secure". But factually, any stupid app developer cannot write an app that handles every account's data that you agree to.
    Nobody can tell me that they all hold up the same standards as banks are required to. And that's not even a particularly high bar either.

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