Finarkein Analytics at SamvAAd 2024
SamvAAd 2024, the flagship annual event of Sahamati, brought together over 1000 policymakers, regulators, financial leaders, and global experts to explore the transformative potential of the Account Aggregator ecosystem. Finarkein Analytics was the Titanium sponsor of the event which was hosted at Westin Powai in Mumbai on November 19. The event showcased India’s leadership in Open Finance, achieving groundbreaking milestones, and fostering industry-wide collaboration.
Panel on Enhanced Fraud Detection
Finarkein Analytics’ founder and CEO, Nikhil Kurhe, moderated a panel discussion titled “Harnessing Open Finance Data and Collaborative Efforts for Enhanced Fraud Detection.”?
Distinguished panelists included:
The session highlighted the Account Aggregator framework's pivotal role in enhancing fraud prevention and risk management across the financial ecosystem. By enabling real-time access to verified financial data, AAs help detect inconsistencies such as synthetic identities or mismatched transactions early. When combined with advanced analytics, AA data facilitates comprehensive 360-degree risk profiling, uncovering anomalies that could indicate fraudulent activity. The framework also supports proactive compliance with Early Warning System (EWS) mandates through transparent, consent-based data sharing.
Exclusive Session: Finarkein Analytics’ Vision
In a dedicated session, Aakash Agarwal, co-founder, Finarkein Analytics, shared the company’s inspiring journey as one of India’s earliest TSPs. Aakash highlighted:
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Demos at Booth
Finarkein Analytics showcased their offerings at their booth, presenting demos of their services, including personalisation, customisation, various dashboard views, and the innovative True Multi-AA Gateway technology, which was an insightful highlight for booth visitors.
Showcase Demo
SBI Life Insurance, with Finarkein Analytics also showcased a winning demo highlighting how the integration of the Account Aggregator framework can revolutionise the insurance approval process for smarter decisions with the right technology and customised solutions.?
Milestones and Innovation
The event underscored the AA ecosystem’s remarkable growth, with a 1,059% YoY increase from 2022-23 to 2023-24, reaching over 124 million consents by October 2024.?
Sahamati launched a collaborative ‘participatory governance’ process, bringing together FIUs, FIPs, and licensed AAs in dedicated committees. This initiative aims to establish fair-use guidelines and codes of conduct to ensure stability and integrity across the Account Aggregator ecosystem.
Nandan Nilekani, Non-Executive Chairman, Infosys, unveiled a report titled ‘Open Finance from Inclusion to Empowerment of MSME’, co-authored with McKinsey, emphasising the potential of AAs in formalising India’s MSME sector, with the possibility of increasing its share from 35% to 50% in the next 5-7 years. Additionally, Pramod Varma, Former Chief Architect Aadhaar, UPI, and India Stack and CTO at EkStep Foundation, launched the ‘Global Open Finance Adoption Report 2024-2030’, offering a detailed analysis of Open Finance trends across various regions.?
The day also featured engaging thematic panels and innovative presentations from the BuildAAthon 2024 Hackathon, demonstrating the rapidly evolving potential of India’s Open Finance ecosystem.
SamvAAd 2024 marked a defining moment for the AA ecosystem. As the framework continues to scale and innovate, it paves the way for a secure, inclusive, and data-driven financial future.
B2B Sales | Customer Success | Fintech
3 个月Thank you for sharing the SamvAAd updates! Finarkein is truly a multi AA gateway. In a way, there will be no downtime and only the best performing Account Aggregator for all the needs of the banks and financial service providers.