BRIDGING THE GAPS IN THE ACCOUNT AGGREGATOR ECOSYSTEM EFFECTIVELY

The Account Aggregator framework has been a gamechanger for the financial ecosystem since it first came into play. However, like any revolutionary ecosystem, the AA framework also comes with its set of challenges that need to be addressed for it to reach its full potential, ensuring continued growth and success.?

Key Challenges in the AA Ecosystem

1. FIP Coverage and Connectivity

The AA ecosystem suffers from fragmented coverage, with the gradual growth in FIPs. This can result in fragmented data flow that disrupts seamless access to financial data. A multi-AA solution can minimise this problem by connecting to 50%+ AAs via a single integration, ensuring consistent experience. This simplifies data sharing, improving access to financial data from multiple sources while optimising costs and performance.?

We provide 100% FIP coverage via a single API, connecting to over 130+ FIPs. With our proprietary Smart Switch? technology, we achieve an end to end success rate of 65-85%, offering seamless and reliable data sharing.

2. Consumer Trust and Awareness

Customers often remain unaware of how the AA ecosystem works. This can lead to hesitancy in sharing sensitive financial data. However, since consumers are generally familiar with FIUs, there is an amount of trust that already exists around them.?

By ensuring robust data security measures, such as ISO 27001 and SOC2 Type 2 certifications, and adhering to India’s data protection laws, Finarkein helps reinforce this trust.?

3. Integration Complexity

The lack of standardised APIs can create barriers to integration for both FIPs and FIUs. As more players join the ecosystem, these challenges become more pronounced, leading to greater operational and integration complexities.?

We simplify the integration process with plug-and-play APIs which reduce technical barriers and operational costs by up to 90%, making it easier for more players to participate in the AA ecosystem.?

4. Scalability and Performance

The rapid expansion of the AA ecosystem places immense pressure on the systems that handle growing volumes of data and user requests. Without the ability to scale effectively, performance can degrade, leading to delays and frustration.

Finarkein’s platform supports over 400 million API calls monthly with a 99.98% success rate. This guarantees high performance even during peak periods, ensuring the ecosystem scales without compromising service quality.?

5. Operational Continuity and Downtime

The AA ecosystem relies on seamless data exchange between FIPs and FIUs, but depending on a single AA increases the risk of downtime, disrupting data availability. As the ecosystem expands, so does this risk. Multi-AA solutions ensure continuity by offering backup AA services, therefore minimising downtime.

Our proprietary Smart Switch? technology makes sure that single-point dependencies are reduced by having backup AAs.

6. Technical Restrictions from FIPs/AAs

Technical restrictions in the ecosystem can sometimes arise due to differences in data formats, protocols, or security requirements, between FIPs and Account Aggregators. This can create integration challenges and disrupt data sharing.?

Finarkein offers flexibility and compatibility by simplifying the process and abstracting technical complexities behind a single API. Our multi-modal integration ensures smooth transitions across different platforms.?

As the Account Aggregator ecosystem continues to evolve, addressing these challenges is critical to unlocking its full potential. The future of Open Finance depends on seamless, secure, and reliable data sharing and we are committed to drive this transformation.?

Let’s build the future together. Connect with us to discuss more.