CRIF Connect Private Limited, a subsidiary of CRIF S.p.A., has received 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 retrieves and transfers consumers’ financial data based on their explicit consent to financial institutions, thus making data sharing extremely secure based on RBI-approved guidelines.
Speaking about the announcement, Wilfred Sigler, Senior Director - CRIF India and South Asia, said, “We are pleased to have received the operating license to work as an NBFC Account Aggregator (AA). The Account Aggregator (AA) framework puts customers at the centre of the ecosystem, giving them control of secure and hassle-free data sharing. It is a game-changer that will increase digital adoption and financial inclusion, and provide financial services with higher operational efficiency.”
CRIF Connect will be available through web and mobile applications. 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.