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Account Aggregator API

Streamline Customer Underwriting with Account Aggregator Data using Account Aggregator API

The Account Aggregator API allows businesses to access users’ transactions from their bank accounts by simply inputting their account number or mobile no and granting required permissions.

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What is the Account Aggregator API?

The Account Aggregator API allows businesses to access and monitor their users financial transactions across multiple bank accounts easily and efficiently. With the bank account aggregation API, businesses can view all the records of money going in and out of their users accounts by simply entering their account number or mobile phone number and granting permission to access the data. This makes it convenient for businesses to analyse users spending, and underwrite them without the need for manual work or paperwork.

Additionally, API ensures data security and privacy while providing businesses with a convenient and transparent way to monitor their users financial information.

A diagram showing a financial data flow among banks, financial companies, an intermediary platform, and lenders. Personal finance management and loan approval processes are depicted with labeled arrows.

Key Benefits of Account Aggregation API

Convenient Access

Businesses can easily access users bank or financial transaction details by simply entering their mobile phone number or account number and granting access.

Fraud Prevention

The API helps prevent fraud by verifying user identity and ensuring the legitimacy of the information retrieved from banks.

Accurate Data Retrieval

The API fetches transaction records directly from banks, guaranteeing accurate and reliable results for analysis and management.

Streamlined Data Analysis

Businesses can pull transactions, categorise spending patterns, and track financial activities across multiple bank accounts with ease.

Comprehensive Insights

Deepvue’s AA stack provides building blocks for FIU applications, including HTTPS APIs and end-user experience components, for efficient data retrieval and analysis.

Customizable Mock Data

Developers can test and configure custom mock data sources for testing purposes, ensuring a smooth integration process with the Account Aggregator API.

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Integration of Account Aggregator API: How It Works?

1

Understand the Account Aggregator API

Before integrating the Account Aggregator (AA) API, it is important to have a clear understanding of its functionality and features. Familiarise yourself with the AA ecosystem, consent flow, data flow, and the various components involved.

2

Register as a Financial Information Provider (FIP) or Financial Information User (FIU)

To integrate the AA API, you need to register your organisation as either an FIP or an FIU. FIPs are entities that hold financial information, while FIUs are organisations that seek access to this information. Determine your role and register accordingly.

3

Obtain the Necessary Credentials

Once registered, you will need to obtain the necessary credentials for integration. This typically includes an API key or client ID, along with a corresponding secret key or client secret. These credentials are vital for authentication and access to the AA API.

4

Understand the Consent Flow Process

The AA operates based on the consent of the users whose financial information is being accessed. Familiarise yourself with the consent flow process, which involves obtaining consent from users to share their financial data with FIUs. Understand the consent APIs and endpoints required for this process.

5

Implement the Consent Flow

Using the Deepvue AA API documentation and guides provided, implement the consent flow in your application. This includes configuring the necessary endpoints, handling user consent requests, and obtaining and managing consent tokens. Ensure that user consent is properly captured and stored securely.

6

Handle the Data Flow Process

Once consent is obtained, the data flow process allows the FIUs to access approved financial information from FIPs. Understand the data flow APIs, data schemas, and endpoints involved in this process. Ensure that your application can handle the data exchange securely and efficiently.

7

Integrate with the Notification System

The AA provides a notification system that allows FIPs and FIUs to receive real-time updates and alerts regarding the status of financial information access. Implement the necessary endpoints or callbacks in your application to receive these notifications and act accordingly.

8

Go Live with AA Integration

Once your integration has been tested and verified, you can deploy it to the live environment and start accessing financial information through the AA API. Monitor the integration for any issues and reach out support as necessary. By following these step-by-step instructions, you can successfully integrate the Account Aggregator API into your application and leverage its functionality to securely access and consolidate financial information.

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Key Features of Account Aggregator API

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Secure Authentication

The bank account aggregation API ensures secure authentication of users before accessing their financial data, providing an added layer of security.

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Access to Transaction Details

Users can easily view their transaction details, including deposits, withdrawals, transfers, and other financial activities, by simply inputting their mobile number or account number.

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Simplified Process

The API simplifies the process for accessing customer data from authorised Financial Information Providers (FIPs) without the need for manual paperwork or complex procedures.

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Consent Management

The Account Aggregator API manages the lifecycle of consent artefacts through the Consent Flow API, ensuring that users explicitly consent to the sharing of their financial information.

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Mediation between Users and FIPs

Acting as an intermediary, the facilitates the secure flow of financial information from FIPs to Financial Information Users (FIUs) based on user consent.

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Notification Method

The API provides a notification method for FIUs and FIPs to notify about events generated during the consent flow and data flow, enhancing communication and transparency.

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Real-time Data Access

Businesses can access real-time data of their users financial transactions, enabling them to monitor their spending, make budgets, and track their finances efficiently.

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Effortless Integration

Integration with the API is seamless and user-friendly, making it easy for Financial Information Users (FIUs) to retrieve customer data.

Use case of the Account Aggregation API across various industries and categories

1

Banking and Financial Services

The Account Aggregator API can be used by banks and financial institutions to provide a seamless and secure way for customers to access their financial information from multiple accounts in one place.

2

Personal Finance Management

Businesses can utilise the Account Aggregator API to aggregate users' financial data from various sources, such as bank accounts, investments, and insurance, to get a holistic view of their financial health.

3

Fintech and Wealth Management

Fintech companies and wealth management firms can leverage the Account Aggregator API to offer personalised financial advice and recommendations based on a user's complete financial picture.

4

Insurance

Insurance companies can use the Account Aggregator API to streamline the process of underwriting and claims processing by accessing a customer's financial information to assess risk and provide tailored insurance products.

5

E-commerce and Retail

E-commerce platforms and retail companies can implement the Account Aggregator API to offer personalised product recommendations and targeted promotions based on a user's spending habits and financial behaviour.

6

Government Services

Government agencies can use the Account Aggregator API to verify a citizen's financial status for various services such as income tax filing, loan approvals, and social welfare programs.

Overall, the Account Aggregator API can benefit a wide range of industries and categories by enabling secure access to financial data and enhancing customer experiences with personalised and data-driven services.

Some Exciting stats from our customers

REDUCE DROP-OFF RATE

0 %

INCREASE IN FRAUD CAUGHT

0 X

AUTHENTICATION SPEED

< 0 Sec

COVERAGE

0 %
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Industries that rely on our Unified Infrastructure.

Explore the wide variety of industries where you can use our Account Aggregator API

Financial Services
& FinTech

eCommerce &
Gaming Startups

NBFCs & Lending
Businesses

Neo Banks &
Insurance

Payment
Solutions

Trading &
WealthTech

Got Questions ?

FAQs on Account Aggregation API

The Account Aggregator API by Mobile Number is an API provided by Deepvue that allows businesses to easily access their users bank or financial transaction details by asking users to enter their mobile phone number, which is linked to their financial accounts.

Users start by entering their mobile number and then authenticate themselves to ensure data security. Once authenticated, the API gains access to the user’s account information and provides a comprehensive list of their transactions, including deposits, withdrawals, transfers, and other financial activities to initiating business. 

The Account Aggregator API simplifies the process for Financial Information Users (FIUs) to access customer data from authorised Financial Information Providers (FIPs) while ensuring data isn’t stored.

The Account Aggregator serves as an intermediary between a User or FIU and Financial Information Providers, managing the lifecycle of consent artefacts through the Consent Flow API and mediating the secure flow of financial information from FIPs to FIUs based on explicit user consent using the Data Flow API.

Businesses can use the Deepvue AA API to access customer financial data and provide personalised experiences. The account aggregator APIs are offered as a service and are easy to integrate using the provided documentation or by contacting the Deepvue Sales for more details.

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