CRIF receives the RBI license to operate as NBFC account aggregator

 

Mumbai, 23^rd March 2023: CRIF Connect Private Limited, a subsidiary of CRIF S.p.A has received the approval to commence operations as an NBFC Account Aggregator (AA) from the Reserve Bank of India. With CRIF's legacy, knowledge and experience, CRIF Connect is uniquely positioned to benefit both consumers and financial institutions.

CRIF Connect is an end-to-end encrypted platform that securely fetches and transfers a consumer’s financial data based on their explicit consent between financial institutions. Thus, making data sharing extremely safe based on RBI-approved guidelines.

Speaking on the announcement, Mr. Wilfred Sigler, Senior Director - CRIF India and South Asia, said “We are pleased to receive the operating license to work as an NBFC Account Aggregator (AA). The Account Aggregator (AA) framework puts the customer in the centre of the ecosystem, giving them control of secured and hassle-free data sharing. It is a game-changer for increasing digital adoption, financial inclusion and providing financial services with higher operational efficiencies.”

CRIF Connect will be available through a web application and mobile application. Through the CRIF Connect App, users can view all their financial information in one place. They can choose what information to share with the financial institution in real time and make changes to their consent which they can give, deny, or revoke at any time.