Sahamati operates an Account Aggregator framework that enables secure, user-consented sharing of financial data among institutions, enhancing data accessibility and management. This system addresses the lack of accountability in data usage by empowering users to control their data, facilitating better financial services and economic opportunities.
Funding
Funding not disclosed
Founders
Product
Problem
The current financial data sharing landscape lacks a standardized, secure, and user-centric approach, leading to inefficiencies and a lack of transparency in how financial information is accessed and utilized. Individuals and businesses often struggle to consolidate and permission access to their financial data across multiple institutions. This creates barriers to accessing tailored financial services and limits the potential for innovative financial solutions.
Solution
Sahamati provides an Account Aggregator (AA) framework that enables secure and consented data sharing between Financial Information Providers (FIPs) and Financial Information Users (FIUs). This framework empowers users to control their financial data by providing a unified consent management system. By facilitating frictionless and secure data transfer, Sahamati promotes better access to financial services, fosters innovation, and enhances transparency in the financial ecosystem. The AA framework streamlines critical network processes through its technology infrastructure, SahamatiNet, ensuring interoperability and scalability for participants.
Target Audience
The primary audience includes financial institutions (banks, NBFCs), fintech companies, and Technology Service Providers (TSPs) seeking to leverage secure data sharing for enhanced financial services, as well as individual and MSME customers aiming to consolidate and control their financial data.
Features
- User-controlled consent management for secure data sharing.
- Standardized API framework for seamless integration between FIPs and FIUs.
- Technology infrastructure (SahamatiNet) for streamlined network processes.
- Interoperability across various financial institutions and service providers.
- Real-time access to user's financial data with appropriate consent.
- Support for digital lending and other financial services.
- Adherence to regulatory standards and guidelines for data privacy and security.