CRIF Connect Private, a subsidiary of CRIF S.p.A, has received the Reserve Bank of India’s approval to commence operations as an NBFC Account Aggregator (AA).
With CRIF’s legacy, knowledge, and experience, CRIF Connect is uniquely positioned to benefit both consumers and financial institutions, it said in a release.
It is an end-to-end encrypted platform that securely fetches and transfers a consumer’s financial data based on their explicit consent between financial institutions, making data sharing extremely safe based on RBI-approved guidelines.
The CRIF Connect application will be available on the web and on mobile devices, allowing users to view all their financial information in one place and to customise the information they want to share with the financial institution in real time.
CRIF is a global company specialising in credit bureau and business information, outsourcing and processing services, and credit solutions. In India, alongside CRIF Connect, it has three companies — CRIF High Mark Credit Information Services, CRIF Solutions, and CRIF Digital Services that offer analytics and scoring services, credit management solutions, decision solutions, and business information reports.
The services are used by more than 82,000 companies and 10 lakh consumers.