Account Aggregator - Financial Data Access and Control

About Account Aggregator:

Account Aggregator is Non-Banking Finance Company that provides service of retrieving or collecting financial information from Financial Information Providers (FIP) pertaining to a customer and consolidating, organizing and presenting such information to the customer or any other Financial Information User (FIU), on the basis of explicit consent of the customer.

Bajaj Allianz Life Insurance Company Limited acts as both an FIP and FIU in the Account aggregator ecosystem.

 

Responsibilities of FIU (Financial Information User) and FIP (Financial Information Provider):

FIU (Financial Information User): 

“Financial Information User” means an entity registered with and regulated by any financial sector regulator.

Responsibilities:

• Obtain explicit consent from the customer before requesting data.
• Use the data only for the purpose mentioned during consent.
• Ensure data security and privacy.
• Comply with regulatory norms.

FIP (Financial Information Provider):

“Financial Information Provider” means bank, banking company, non-banking financial company, asset management company, depository, depository participant, insurance company, insurance repository, Central Recordkeeping Agency, Goods and Services Tax Network (GSTN), Clearing Corporation of India Limited and such other entity as may be identified by the Bank for the purposes of these directions, from time to time;.

Responsibilities:

• Share data with FIUs based on customer consent.
• Maintain data accuracy and security.
• Comply with regulatory guidelines.
• Implement secure APIs for data sharing.

 

Account Aggregator Associated with Bajaj Allianz Life Insurance

• FinSec AA Solutions Private Limited (Product titled OneMoney)

 

Grievance Redressal Process:

You can know more about our grievance redressal policy/process at -