A fintech startup’s challenges with India’s vaunted account aggregator framework

Three years after India unveiled the account aggregator, or AA, framework to facilitate consented sharing of consumers’ financial information, multiple gaps still plague the system that was rolled out as an overarching network connecting various regulators and market players. The account aggregator framework is meant to give individuals greater visibility and control over all their financial data in one place. Fintech startup Fold Money is a digital platform connected to the account aggregator framework. As a result, fintechs like Fold Money are forced to use other methods like reading emails and SMS to get data on some aspects or source APIs from firms outside the AA system.