The Account Aggregator (AA) architecture has facilitated loans worth Rs 42,300 crore since its introduction three years ago, according to Sahamati, the ecosystem's industrial association. Until March 2024, about 4.22 million loans were disbursed on the site. The total average ticket size of loans enabled by the framework has been set at Rs 1,00,237.

In comparison, during the second half of the fiscal year (H2FY24), the framework permitted 2.12 million loans totaling Rs 22,100 crore. This accounts for roughly half of the lifetime distribution value and volume under the AA system. The AA framework is used by lending organizations to manage a customer's loan experience, including onboarding, underwriting, and monitoring. Sahamati says that using the AA framework may reduce transaction costs for lenders by 20 to 25%.

"The figures comprise data supplied by nine top-performing FIUs, which account for almost 60% of consents completed in H2 FY24. The figures, when extended to the ecology, are significantly higher," Sahamati said in a statement.

Currently, the Account Aggregator ecosystem includes 163 Financial Information Providers (FIPs) including banks, insurance businesses, investments, pensions, and taxes, as well as 475 Financial Information Users. The AA ecosystem contains 2.12 billion financial accounts, of which 1.64 billion are bank accounts.

In India, AAs serve as consent managers that are independent of FIUs, allowing consumers and companies to share financial data and manage consents in one location. AAs employ technology to guarantee that data is securely exchanged between financial organizations such as banks, insurance agencies, and mutual fund firms.

The data can only be shared after obtaining a customer's consent, and then it may be utilized to access financial services. AA takes a user's digital financial information from one or more accounts and shares it with a financial institution that may provide loans or insurance.

"We have witnessed a consistent 15% monthly increase in the number of cumulative consent requests fulfilled on the AA framework. Each consent request demonstrates that an increasing number of people now have control over their data and use it to access financial services," stated B.G. Mahesh, CEO at Sahamati. In August, the AA ecosystem achieved 100 million consents on the AA framework, with an estimated 80-90 million Indians using the system.