The banking industry is experiencing a transformative shift, driven by cutting-edge technology. The Account Aggregator network is a game-changing platform that streamlines access to loans and investment products, making them faster and more efficient. This innovative platform enables secure, effortless, and seamless digital data sharing, with robust security measures in place. Most importantly, you retain complete control over your financial data, with the entire process being consent-based. Unlock a world of financial services instantly by harnessing the power of your financial data.

WCFL being the leading provider for Home loan and MSME Loan. It has been an early adopter of the Account Aggregator framework. By identifying the benefits of AA early on, we were able to design systems that allow shorter online journeys. You can experience the power of AA in our following fully digital journeys.

What is an Account Aggregator?

• An Account Aggregator (AA) is a RBI-regulated entity that enables secure financial data sharing between financial institutions.
• To initiate data sharing, customers must provide explicit consent.
• Prior to sharing, customers are informed about the terms, purpose, and reasons for data sharing.
• The data sharing process is entirely digital, occurring in near real-time.
• Account Aggregators act solely as facilitators, transferring data between institutions without storing or accessing it.
• Example: Use an Account Aggregator to share your bank statement and instantly avail a home loan or MSME loan from Wood Capital Finance Limited (WCFL), without the hassle of physical documentation.

How the Account Aggregator (AA) Network Works:

Here's a step-by-step guide to help you understand the AA process:

• Select any of our digital products that support AA, such as home loans or MSME loans.
• During the online application process, you'll be given the option to share your bank statements securely through the AA route.
• Simply choose your bank, provide consent via a one-time password (OTP), and authorize data sharing.
• Once you've given consent and the bank receives the information, our system will instantly appraise your application for the chosen product.

FAQs

1. How do I register with an Account Aggregator?
Registering with an AA is easy! You can sign up on their website, mobile app, or even while applying for financial products online.

2. What's the difference between Account Aggregator and Aadhaar eKYC/credit information companies?
Aadhaar eKYC and credit bureaus share limited data like identity details and credit history. Account Aggregators, on the other hand, share your transactional data from savings, current, and deposit accounts, and soon, other financial data like tax, pension, and insurance information.

3. Is my data safe with the Account Aggregator?
Absolutely! AAs only facilitate data sharing between institutions; they don't store your data. Your information remains with your bank, ensuring secure and controlled data exchange.

4. Do I need to register with multiple Account Aggregators?
No, registering with one AA is sufficient. However, you're free to register with multiple AAs based on your needs.

5. How Account Aggregators Revolutionize Banking for You?
Experience a transformed banking experience with Account Aggregators:

• Faster Services: Real-time data sharing reduces processing times significantly.
• Secure Data Exchange: AAs facilitate secure, storage-free data transfer, protecting your sensitive information.