The Account Aggregator (AA) infrastructure is a sophisticated technological framework designed to revolutionize data sharing across the financial sector in India. The collaboration among financial sector regulators (FSRs)—Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory Development Authority (IRDA), and Pension Fund Regulatory Development Authority (PFRDA)—under the Financial Sector Development Council (FSDC) has aimed to establish a seamless, secure, and efficient data-sharing mechanism.
The Reserve Bank Information Technology Pvt Ltd (ReBIT), a wholly-owned subsidiary of the RBI, was authorized to establish technology standards for the ecosystem. This regulatory framework established a high-level architecture, and the market was kept independent of operationalizing the data-sharing mechanism. This market-driven approach has led to the formation of Sahamati as an industry alliance to collaboratively build the necessary procedural and technological foundations for the AA ecosystem.
Sahamati Net is the technological infrastructure developed and maintained by Sahamati to support the Account Aggregator (AA) ecosystem. Hosted in a secure, highly available, and scalable environment, this technological infrastructure ensures the robustness and reliability of the AA ecosystem. The infrastructure aims to engender trust, build visibility in ecosystem health, offer implementation support and grievance redressal mechanisms, foster a culture of compliance, and enable efficient integrations across the ecosystem. Sahamati has co-created these crucial technology artefacts with the collective intelligence of the ecosystem to serve its diverse needs.
Delve into the functional aspects of the Sahamati Net:
Sahamati maintains a Central Registry (CR) to facilitate the discoverability of public information related to each member endpoint. CR is a comprehensive database listing all authenticated and authorized entities within the AA ecosystem. It ensures that only verified Account Aggregators, Financial Information Providers (FIPs), and Financial Information Users (FIUs) can participate. CR empowers eligibility verification and streamlines the onboarding process onto the network, fostering stakeholder confidence and trust.
The CR is supported through a token service that ensures the validity & reliability of end-point information. It enhances security by managing secure and efficient data exchanges between entities. It issues and validates tokens, ensuring that all data requests and transfers are authenticated, authorized, and encrypted. By codifying network-level authorization rules, the token service safeguards against unauthorized access and enhances trust within the network.
Sahamati has built a network health monitoring infrastructure that provides visibility into various parameters of health in the ecosystem. Through continual tracking of the performance of the ecosystem, the system equips identification of potential issues such as downtimes or implementation bugs. It enables proactive management and rapid resolution of any disruptions, ensuring smooth and efficient operations. Complementing the monitoring system are the Management Information System (MIS) dashboards, which offer real-time visibility into key metrics and performance indicators. These dashboards provide detailed insights into volumes of accounts linked as well as consents fulfilled.
Sahamati is committed to fostering a culture of compliance in the Account Aggregator (AA) ecosystem. It has institutionalized a certification process before onboarding members to foster a standardized and secure ecosystem. Members can opt for this certification service to ensure adherence to the Technical Standards set by ReBIT and simplify compliance. Sahamati has strategically empanelled organizations to provide independent certification services, guaranteeing compliance and impartial assessment. Certification also fosters trust and enables easy integration, facilitating seamless interoperability and reducing integration friction.
Sahamati equips the ecosystem with implementation support and grievance redressal mechanisms. During the implementation phase, Sahamati provides comprehensive support, offering technical assistance, guidance, and resources to ensure smooth onboarding and effective utilization of the infrastructure. A dedicated support application is available to address grievances and resolve issues faced by members. This mechanism ensures that any problems are promptly addressed, maintaining member satisfaction and trust in the ecosystem.
Sahamati Net aims to create an interoperable, customer-centric ecosystem through a secure, transparent, and efficient infrastructure. This holistic infrastructure ensures the reliability, security, and growth of the AA ecosystem. The infrastructure enhances the efficiency of data-sharing transactions and promotes trust and collaboration among all stakeholders, driving the overall success of the AA ecosystem.
Currently, Sahamati Net is dedicated to addressing key ecosystem challenges, including interoperability, data usage compliance, and operational efficiency, to provide a seamless experience for AA ecosystem members. The following are the primary focus areas of Sahamati Net:
- Interoperability: Enable ecosystem members to connect seamlessly with all other Sahamati Network entities. This eliminates the need for multiple integration points, significantly reducing the integration and operational efforts for members.
- Fair Use Compliance: FIUs and AAs are expected to align their consent usage within ecosystem-defined boundaries to ensure the fair use of AA. Sahamati Net aims to develop a programmatic, policy-based automated framework that ensures compliance with fair use policies regarding customer consent and data.
- Network Observability: Sahamati Net aims to scale the current network health monitoring system to a comprehensive infrastructure that provides real-time data access and monitors fraud to aid efficient dispute resolution, billing & reconciliation, and tracking network usage.
- Policy Development and Advocacy: The organization is engaged in developing policies and advocating for regulatory frameworks that support the growth and sustainability of the AA ecosystem.
- Additional Initiatives: Sahamati is continually exploring and implementing other initiatives to support and enhance the AA ecosystem's functionality and resilience.
However, it is important to adopt and implement technological solutions alongside governance measures to expedite the resolution of these challenges.