OneMoney, operated by FinSec AA Solutions Pvt. Ltd., is an RBI-licensed Account Aggregator headquartered in Hyderabad, Telangana. Incorporated in 2016, the company initially focused on developing digital consent-based data platforms and worked closely with banks and fintechs on early pilot projects. This groundwork positioned it to become the very first licensed Account Aggregator to go live in India after receiving its NBFC-AA license from the Reserve Bank of India in September 2021. This article explores how OneMoney AA works, the range of services it offers, and the benefits it brings to both users and financial institutions.
Overview of OneMoney Account Aggregator and its Services
| Aspect | OneMoney Account Aggregator Overview |
|---|---|
| Parent Organization | Operated by FinSec AA Solutions Pvt. Ltd., headquartered in Hyderabad, Telangana. |
| Incorporation & License | Incorporated in 2016, received its NBFC-AA license from the Reserve Bank of India in September 2021. It was the very first licensed Account Aggregator to go live in India. |
| Core Services | Digital consent-based financial data sharing across banks, NBFCs, insurers, and fintech platforms under the RBI’s AA framework. |
| Target Users | Banks, NBFCs, fintechs, insurers, and individual consumers seeking secure financial data exchange. |
| Differentiator | First Account Aggregator to go live in India; built early expertise through pilot projects with banks and fintechs, emphasizing trust and compliance. |
| Use Cases | Loan processing, digital onboarding, income verification, financial management, and seamless integrations with financial institutions. |
| Market Position | Recognized as India’s pioneering Account Aggregator, leveraging first-mover advantage and deep collaborations with financial institutions. |
What is Account Aggregator?
An Account Aggregator is a framework introduced by the Reserve Bank of India (RBI). It allows users to share their financial data digitally and securely, with consent. Instead of uploading documents or statements, users can grant access through a simple and secure process. If you want to learn more Account Aggregator we have made a comprehensive guide.
Services Offered by OneMoney Account Aggregator
For Consumers
OneMoney provides a simple app and web portal where users can register with their mobile number, receive a unique OneMoney ID (VUA), and link financial accounts across banks, insurance, pensions, and investments. Consumers can approve or revoke consent at any time, track all active consents, and manage their data-sharing history in one place.
For Financial Information Providers (FIPs)
OneMoney enables banks, insurers, mutual funds, and other regulated entities to become compliant FIPs within the AA ecosystem. It offers standardized APIs and infrastructure so these institutions can securely share user data (with consent) to authorized FIUs, without needing to build everything in-house.
For Financial Information Users (FIUs)
Lenders, wealth managers, and insurers can integrate with OneMoney to receive encrypted, consented financial data directly from FIPs. OneMoney provides SDKs and web integration kits to embed the AA journey inside their own apps and portals, helping them design smoother credit, wealth, and insurance workflows.
How OneMoney Account Aggregator Works
OneMoney AA follows a consent-based process that is simple for users and secure for financial institutions. The main steps are:
- A user applies for a loan, insurance or any other financial product on an app or website
- The app requests financial data like bank statements through OneMoney AA
- A consent screen appears, showing:
- What data will be shared
- For what purpose
- For how long
- The user selects the accounts to link, enters the OTP and approves the request
- Setu AA fetches the data from FIP and delivers it securely to the requesting app (FIU)
- The user can revoke access anytime, stopping further data sharing instantly
Use Cases of OneMoney Account Aggregator for Fintechs
OneMoney is used by banks, NBFCs, insurers, and wealthtech platforms to enable faster, paperless financial services. Early adopters include Federal Bank and Ujjivan Small Finance Bank, who leveraged OneMoney’s AA framework to speed up loan approvals with verified digital data.
As India’s first live Account Aggregator, it delivers secure, consent-based data sharing that simplifies lending, wealth management, insurance, and SME financing. Some of the key use cases of OneMoney include:
- Retail Loan Processing: Faster loan approvals through verified bank and income data.
- Wealth & Investment Platforms: Consolidated financial views and personalized recommendations.
- Insurance Underwriting: Reduced manual KYC with consent-based access to income and bank history.
- SME Financing: Real-time cash flow data enabling smoother working capital and invoice financing.
By eliminating paperwork and manual verification, OneMoney speeds up lending decisions, enhances wealth advisory services, and helps insurers underwrite policies more efficiently.
It also empowers SMEs with easier access to credit and gives consumers full transparency and control over their data consents.
Benefits of Using OneMoney Account Aggregator
First Licensed AA in India
- OneMoney’s biggest advantage is that it was the first licensed AA to go live in India. This early-mover position gave it a head start in building integrations with banks, insurers, and fintechs, making it one of the most experienced players in the AA network. Its role as a pioneer has also helped shape how consent-driven data sharing is implemented across the ecosystem.
Virtual User Address (VUA) System
- Another unique strength is its Virtual User Address (VUA) system, which works like a UPI ID for data sharing. Instead of repeatedly entering account details, users can create a simple ID such as <mobile>@onemoney to link accounts and manage all consents. This makes the consent journey faster, more convenient, and less error-prone compared to traditional account linking methods.
SDKs and APIs for Institutions
- For institutions, OneMoney offers ready-to-use SDKs and APIs that can be embedded directly into their apps or portals. This reduces integration effort for banks, NBFCs, and fintechs, allowing them to adopt AA services quickly without building the entire flow themselves.
Together, these features position OneMoney as both a pioneer and an enabler in the AA ecosystem, helping consumers manage their consents simply while giving financial institutions a smooth path to adoption.
OneMoney Account Aggregator vs Other Account Aggregators (CAMSFinServ, NADL, Anumati)
| Factor | OneMoney | Anumati | CAMSFinServ | NADL (NeSL) |
|---|---|---|---|---|
| Network Coverage | Headquartered in Hyderabad with the highest number of FIPs live: 88. | Part of Perfios, headquartered in Bengaluru they have 68 FIPs live with them | Part of MF registrar CAMS, headquartered in Chennai with 61 FIPs live. | Government-backed via NeSL, headquartered in Mumbai with 60 FIPs live. |
| Data Handling | Provides encrypted real-time data with APIs and SDKs for decision insights. | Built for lenders, combines financial data with underwriting and credit insights. | Primarily compliance-focused, handling financial data with high security and oversight. | Acts as a statutory repository of verified financial data with government oversight. |
| Role & Flexibility | Helps NBFCs with credit risk assessment using multiple data points. | Institution-focused, aligned with credit platforms needing insights. | Natural fit for traditional institutions like banks, insurers, and asset managers. | Utility role with high trust but less flexibility for custom solutions. |
| Differentiators | First AA in India and with the highest number of FIPs onboarded: 88. | Perfios is already a big player in BFSI sector and they have one of the highest number of FIPs 68 | Trusted financial record-keeper; compliance-first with decades of credibility. | Government credibility ensures high adoption among institutions and statutory players. |
Future Roadmap of OneMoney Account Aggregator
Short Term
- Expand beyond banks by integrating with insurers, pension funds, GST systems, and securities depositories. This will allow users to share a more complete financial profile through a single consent flow.
Mid Term
- Strengthen presence in SME lending, retail credit, and insurance underwriting. Improved SDKs and APIs will also make it easier for lenders and fintechs to adopt AA services smoothly.
Long Term
- Enhance the Virtual User Address (VUA) system with features like multilingual support, simplified account linking, and awareness programs to educate users about the safety and transparency of consent-driven data sharing.
FAQs on OneMoney Account Aggregator
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What is OneMoney Account Aggregator?
OneMoney is India’s first RBI-licensed Account Aggregator, operated by FinSec AA Solutions Pvt. Ltd. It allows users to share their financial data digitally and securely, only with consent.
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When did OneMoney receive its licence?
OneMoney received its NBFC-AA licence from the Reserve Bank of India in September 2021 and became the first AA to go live in the country.
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Who can use OneMoney’s services?
Both individuals and small businesses can use OneMoney to share verified financial data with banks, insurers, NBFCs, and wealth managers.
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Does OneMoney store my financial data?
No. OneMoney never stores or reads your financial data. It acts only as a regulated channel to transfer encrypted information between financial institutions.
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How is OneMoney different from other Account Aggregators?
OneMoney stands out as the first AA to go live in India. It introduced the unique Virtual User Address (VUA) system and provides SDKs and APIs for easy integration, making it a pioneer in the ecosystem.
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What is OneMoney focusing on in the future?
The roadmap includes expanding coverage to insurers and pension funds, supporting SME lending and insurance underwriting, and improving the user experience with multilingual support and simpler flows.
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Can NRIs use OneMoney?
Yes. NRIs with Indian bank accounts and financial products can use OneMoney to link and share data, provided their institutions are live on the AA network.
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Is there a fee to use OneMoney as a consumer?
No. For end users, OneMoney’s services are free of charge. Any transaction costs are handled between financial institutions in the AA ecosystem.
OneMoney has earned its place as India’s first licensed Account Aggregator to go live. With its focus on simplicity, compliance, and enterprise-ready integrations, it helped shape how consent-based data sharing works in practice. Its pioneering role and features like the Virtual User Address (VUA) system set it apart from later entrants.
Looking ahead, OneMoney is positioned to drive faster lending, smoother insurance, and better SME financing. By expanding coverage and making consent journeys more user-friendly, it remains a reliable and future-ready choice in India’s digital finance ecosystem.
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