Introduction
In today’s digital era, managing your financial data securely and efficiently is more important than ever. Enter Protean SurakshAA, an innovative account aggregator app that is transforming how we handle and transmit financial information. In this article, we will delve deep into Protean SurakshAA’s features, pros and cons, funding details, pricing, and alternatives, offering an in-depth review to help you make an informed decision.
What is Protean SurakshAA Account Aggregator (Protean SurakshAA)?
Protean SurakshAA is a secure and easy-to-use account aggregator app provided by NSDL e-Gov Account Aggregator Limited, a subsidiary of Protean e-Gov Technologies Ltd. Protean e-Gov Technologies Ltd. is a well-known Indian public limited company established in 1995, with its registered office in Mumbai. Notably, NSDL e-Governance Infrastructure has been rebranded as Protean eGov Technologies, reflecting the company’s evolving offerings to the businesses and citizens of India. Protean e-Gov Technologies Ltd. is a Non-Government Company with a track record of delivering large-scale projects like National Tax Identity (issuance of PAN / TIN), National Pension System (NPS), Atal Pension Yojna (APY), processing Aadhaar-based ID Authentications, etc.
Protean SurakshAA operates under the RBI-approved Account Aggregator framework, aiming to empower Indians with control over the sharing of their sensitive financial data. Available as a Web App, iOS App, and Android App, Protean SurakshAA allows users to provide consent for sharing their data with various financial institutions, such as banks, insurance agencies, mutual funds, or pension funds, all while ensuring that no data is shared without the user’s explicit consent. With Protean SurakshAA, individuals can manage their consents effectively on the Account Aggregator Platform, gaining greater control over their financial information for personal and business use-cases, including loan applications, risk management, and investment advisory, among others.
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 Protean SurakshAA Work?
End users who wish to share their information for availing a financial service or product can start using Protean SurakshAA by following these easy steps:
- Registration: First, users need to register on the Protean SurakshAA app.
- Linking Accounts: After registration, users link their financial accounts with OTP based authentication.
- Consent Management: Once accounts are linked, users can provide consent to share their financial information with the financial institutions of their choice with just one click and verification.
Key Features
- Effortless Consent Management: Whether on the go or at work, Protean SurakshAA allows users to manage all consents effortlessly across both the web and mobile app.
- Simplified Bank Account Linking: With just your phone number and an OTP, linking your bank accounts to the platform becomes a seamless process.
- Comprehensive In-App Activity Tracking: Through a simple click on the app, users can view their in-app activities across any device.
Pros
- Available as a Web App, iOS App, and Android App.
- Protean SurakshAA works with several leading banks and financial institutions.
- The Protean SurakshAA platform boasts of a secure, consent-based data sharing system.
- Users can manage their consents on the Protean SurakshAA app, giving them full control over their financial data.
Cons
- Certain financial institutions are not yet working with Protean SurakshAA as partners.
- Certain users have complained about bugs.
Is the Protean SurakshAA app safe?
According to Protean SurakshAA, your data is safe. Protean SurakshAA key assurances include:
- Regulated by RBI: Protean SurakshAA is a RBI licensed NBFC Account Aggregator, which provides the app with a strong regulatory framework to adhere to, ensuring the safety of user data.
- Safe Aggregation: User data is aggregated safely and shared with a wide range of businesses, enabling personalized deals and offers while maintaining data security.
- Data Privacy: Protean SurakshAA claims that no one can access your data – not at the source, during transit, nor at rest.
- Fast Authentication: Authentication is made simple with just your Protean AA handle and an OTP, enhancing user convenience.
Protean SurakshAA Funding and Key Investors
Protean e-Gov Technologies Ltd. is a Non-Government Indian public limited company established in 1995. According to Tracxn, Protean eGov Technologies has 16 institutional investors including Deutsche Bank, Citi and Standard Chartered.
Protean SurakshAA’s Pricing
Protean SurakshAA’s services are free for customers and the app is free to download. Protean SurakshAA charges Financial Information Users (FIUs) on a per-fetch basis. The charges range from Rs. 2 to Rs. 10 per data fetch depending on the data provider, date range and other fetch request parameters. This pricing is indicative, detailed pricing can be obtained by contacting Protean SurakshAA.
Protean SurakshAA Contact Details: E-mail ID and Office Address
Protean SurakshAA E-mail ID: [email protected]
Protean SurakshAA Office Address: Times Tower, 1st Floor, Kamala Mills Compound, Lower Parel, Mumbai – 400 013.
Protean SurakshAA 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)
- Perfios Account Aggregation Services Pvt Ltd (app called Anumati)
- PhonePe Technology Services Private Limited
- Unacores AA Solutions Private Limited
- Yodlee Finsoft Private Limited
For a detailed comparison of Protean SurakshAA with alternative account aggregator apps, click here.
Review of Protean SurakshAA
Rating: ★★★★☆
Protean SurakshAA impresses as a versatile and secure financial data aggregator. Its availability as a Web App, iOS App, and Android App ensures easy accessibility across devices. The platform’s association with leading banks and financial institutions inspires confidence in its data integration capabilities. Notably, the app’s consent-based data sharing system reinforces user privacy and control over their sensitive information, making it a standout feature. With the user-friendly consent management feature, individuals can tailor data sharing preferences to their needs. However, the platform’s limited partner institutions may restrict data aggregation from some sources. While Protean SurakshAA showcases commendable strengths, addressing reported bugs would enhance the overall user experience. Overall, it offers a compelling solution for individuals seeking a secure and seamless way to manage their financial data.
