The Indian financial sector has ushered in a new era with the launch of the Account Aggregator (AA) ecosystem. This will help financial organizations launch innovative services and empower customers to digitally access and share their financial data in a secure and efficient manner.
To become a part of the Account Aggregator ecosystem, participant organizations such as FIPs, FIUs, and AAs must adhere to ReBIT guidelines for API & functional flow.
Aujas Cybersecurity is an empaneled vendor with Sahamati, a non-profit industry alliance for the Account Aggregator ecosystem. Sahamati has designed a conformance assessment test plan and empanelled certifiers to provide self-service tools to participants. Aujas has developed a framework to conduct certification tests for participating organizations (FIPs, FIUS, & AAs) of the AA ecosystem.
“The AA ecosystem, like the UPI, is the next significant innovation driving India’s new data governance paradigm for the financial sector. This initiative will significantly improve transparency, speed, enhance customer trust, and control financial fraud. It will also enable financial services entities to quickly create new financial products and increase their market share” said Dr N Muralidaran, Chairman, Aujas Cybersecurity Limited and Executive Vice Chairman, NSEIT Limited.
With its newly launched cloud-based product – Saksham, Aujas can quickly certify the participating entities for API specification and functional flow compliance, including completeness of implementation.
Saksham is an automated, self-assessment API certification kit equipped with an intuitive user interface, enabling users to meet the certification criteria hassle-free.
The SaaS version of Saksham is ideal for any entity, regardless of its scope of the scale of business. Cloud-based Saksham is faster and ensures a more efficient onboarding process. The version can be adopted as a subscription-based model and provides a best-in-class, seamless testing experience for prompt results. Saksham eliminates the need for extensive infrastructure, expensive hardware purchases, software licensing, provisioning, and maintenance. It can be accessed 24×7 and is highly secure. Saksham uses secure communication channels to connect with entities.
Saksham has enabled financial organizations such as IndusInd Bank, Axis Bank, Bajaj Finance Ltd, OneMoney, NADL, CAMSOnline, Finvu, and others to successfully get onboarded to the Account Aggregator Framework Saksham is here to facilitate a seamless, no-frills certification process for every organization eager to be part of this Indian financial revolution.