Account Aggregator (AA) provider OneMoney will onboard five banks by the end of next month and expects to see its integration across various FIs, government and industry-led digital projects to take place in the coming months, Krishna Prasad, Founder and Chief Executive Officer of Finsec AA Solutions, which runs OneMoney, told MediaNama. OneMoney recently launched the beta version of its Account Aggregator mobile app on Google's Android Play Store, the first AA operator to do so. "We have on-boarded IndusInd Bank, Axis Bank and Bajaj Finserv as of now of the FIP side. In the next month or two the Financial Information User (FIU) side of the AA ecosystem will be in place, as we need to embed the AA framework in the user-journey across each use-case, like vehicle loans, home loans and many others," Prasad said. Progress on rolling out AA services has taken time since banks and other financial companies need to build consent layers within their operations. As of date only a handful of banks and non-banks are working on it and only three of them have registered themselves on the Financial Information Provider side of the framework. While the FIP arm of the company is responsible for sending customer information, the FIU of the AA system consumes it in order to provide services to the customer. At present since the system is not populated by banks on either side, independent use by consumers will take at least few months' time. "There have to be sufficient number…
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