technology medium Fill in the Blank

The framework that enables open access to bank transaction data with user consent for financial services is called ________.

  1. <a>
  2. AI / Autonomous
  3. Account Aggregator
  4. Fab / Foundry

Answer: Account Aggregator

Account Aggregator (AA) ecosystem enables consent-based sharing of financial data between institutions. Users control data sharing via AA apps. FIPs (banks, mutual funds) provide data; FIUs (lenders, wealth apps) consume for personalized services. Reduces documentation, speeds up credit decisions, and promotes competition in financial services.

Topic Fintech Innovations
Exam Relevance Banking, UPSC, SSC
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