Introduction
In today’s digital era, managing your financial data securely and efficiently is more important than ever. Enter Anumati, an innovative account aggregator app that is transforming how we handle and transmit financial information. In this article, we will delve deep into Anumati’s features, pros and cons, funding details, pricing, and alternatives, offering an in-depth review to help you make an informed decision.
What is Anumati Account Aggregator?
Anumati, founded in 2020 and based in Bangalore, is a consent manager and account aggregator operating under the RBI license, and developed by Perfios Account Aggregation Services Pvt. Limited. Its main function is to facilitate the secure sharing of your financial data, based on your explicit consent, with approved banks and financial institutions. Anumati provides a user-friendly interface through a Web App and Android App that allows you to view all your bank accounts in one place. You are in control of your data, deciding who can access it and monitoring how it is used over time. If needed, you can change, renew, or revoke your consent at any point. One key aspect of Anumati is its strict adherence to privacy. All data sharing occurs securely, and no party, including Anumati itself, has the ability to read your data or use it for other purposes. This ensures your data remains confidential, safeguarded, and respected.
What are Account Aggregators?
The Account Aggregator (AA) framework, an initiative by the Reserve Bank of India, is a tool to make financial data easily accessible. It introduces entities known as Account Aggregators, licensed by the RBI, to help share your financial data securely. This data sharing takes place between a Financial Information Provider (FIP) holding your data, and a Financial Information User (FIU) needing it, but only with the user’s permission. What’s unique is that these AAs don’t see or store the user’s data. The AA framework connects different financial entities, all regulated by authorities such as the RBI, IRDA, PFRDA, and SEBI. Recently, even GSTN can share GST information through this system. The goal is to kickstart open banking in India, making it easy for millions to access and share their financial data digitally, securely, and efficiently. With AA, the user is in control. The user decides what bank account details to share, for how long, and for what purpose. If the user changes their mind, they can withdraw their consent. For a deeper understanding of the Account Aggregator system in India, check out our blog on Account Aggregators (AAs) in 2023.
How does Anumati Work?
You can start using Anumati by following these three easy steps:
- Register: Users register using the mobile number linked to their bank and set a 4-digit PIN. Anumati verifies the phone number with an OTP. Thereafter, [the mobile number]@anumati becomes the Anumati Account Aggregator (AA) handle, and the AA account is ready for use.
- Discover and Add Bank Accounts: Post-registration, Anumati automatically searches for savings, current, and fixed deposit accounts in participating banks linked to the user’s registered mobile number. Users can select the accounts they want to link with their AA account, with the flexibility to unlink anytime. Users can also manually add their accounts from participating financial institutions. There are no limits to how many accounts can be linked.
- Approve and Manage Consent for Data Sharing: When approving the consent request, users can select specific bank accounts from which they want to share financial data. Once consent is given, Anumati fetches the required data and passes it securely to the requesting financial institution. Anumati doesn’t access or store any user’s data, ensuring maximum privacy.
Key Features
- User Control and Consent: Anumati allows users to control their financial data by choosing who can access it. Users can modify, renew, or revoke this consent at any time, offering them complete authority over their information.
- Secure Data Sharing: Anumati ensures the secure sharing of users’ financial data with approved banks and financial institutions. This process is confidential, and no party, including Anumati, can read or misuse the data.
- Simple User Interface: Anumati offers an easy-to-use platform where users can view and manage all their bank accounts in one place. This simplicity makes the process of data sharing hassle-free for users.
- Data Privacy Commitment: Anumati is dedicated to maintaining users’ privacy. They adhere to strict security measures and protocols to ensure that user data is safe, secure, and protected at all times.
Pros
- Available as a Web App and Android App.
- Anumati works with most leading banks and financial institutions.
- Seamless customer onboarding and profiling process.
- Immediately after onboarding, a view of the customer’s financial profile is available.
- It provides assisted journeys, ensuring data confidentiality in various scenarios, e.g. at retail stores without the sales agent seeing confidential data
- Leverages Perfios’ domain expertise and experience with over 270 financial institutions across India and 50 others globally.
Cons
- Not yet available as an iOS app.
- You won’t be able to change your AA handle once you approve a data sharing request or Consent from any financial institution.
- Certain financial institutions are not yet working with Anumati as partners.
Is my data safe with Anumati account aggregator?
According to Anumati, your data is safe. Here is a list of safety features and provisions associated with Anumati app:
- Anumati is regulated by the RBI and held to strict standards of compliance and security. Anumati has implemented various checks and controls to ensure user data is safe. Their systems are tested, audited and certified by reputed external auditors and they comply with relevant security standards.
- You can opt to send selected data to a service provider – such as a lender or insurance company, and specify how that data will be used.
- Anumati uses the latest technologies to encrypt user data both in transit and the data that is stored within their systems.
Anumati Funding and Key Investors
According to Tracxn, Anumati has successfully raised a total of $2.09 million in funding over the course of two rounds. The journey began with the first funding round that took place on December 23, 2020. The most recent funding round, a Seed round, was on January 11, 2023, during which the company raised $1.97 million. This latest round saw the participation of investors, including notable financial institutions like Bajaj Finserv, ICICI Bank, HDFC Bank, and SBI.
Anumati’s Pricing
Anumati’s services are free for customers and the app is free to download. However, Perfios-AA charges Financial Information Users (FIUs) on a per-transaction basis. The charges range from Rs.5 to Rs.25 per fetch for statement requests and Re.1 per fetch for profile and summary data. This pricing is indicative, detailed pricing can be obtained by contacting Anumati.
Anumati Contact Details: E-mail ID and Office Address
Anumati E-mail ID: [email protected]
Anumati Office Address:
Perfios Account Aggregation Services Pvt Ltd
HM Vibha Towers, 5th Floor,
No. 66/5-25, Lasker Hosur Road,
Adugodi, above Star Hyper,
Bengaluru, Karnataka 560030
Anumati Account Aggregator’s Alternatives and Competitors
- CAMSFinServ
- CRIF Connect Private Limited
- Cookiejar Technologies Private Limited (app called Finvu)
- Dashboard Account Aggregation Services Private Limited (app called Saafe)
- FinSec AA Solutions Private Limited (app called OneMoney)
- NESL Asset Data Limited (NADL)
- Protean eGov Technologies Limited (formerly NSDL E-Governance Infrastructure Limited, app called Protean SurakshAA)
- PhonePe Technology Services Private Limited
- Unacores AA Solutions Private Limited
- Yodlee Finsoft Private Limited
For a detailed comparison of Anumati with alternative account aggregator apps, click here.
Review of Anumati
Rating: ★★★★☆
Anumati, an account aggregator and consent manager developed by Perfios Account Aggregation Services Pvt. Limited, has emerged as a leading player in the field of financial data management. With its user-oriented interface, it allows seamless management of bank accounts and consent for data sharing, which is its main strength. The platform is built with the user in mind, providing a single window to view all bank accounts and maintain control over who can access their financial data. The ability to modify, renew, or revoke this consent at any time gives users an unprecedented level of control over their information. Anumati’s commitment to data privacy and security is noteworthy. The assurance by Anumati that the data sharing process is confidential and no party, including Anumati, can read or misuse the data, offers peace of mind in an era of rampant data breaches. However, while Anumati excels in privacy and control, there are certain financial institutions that Anumati is yet to partner with. While Anumati is available as a Web App and Android App, its iOS App is yet to be launched. Overall, Anumati is a promising tool that empowers individuals in managing their financial data, combining security, privacy, and ease of use in a neat package.
