Saafe Account Aggregator: Services, How it Works, Use Cases and Benefits

Saafe Account Aggregator, operated by Dashboard Account Aggregation Services Pvt. Ltd., is an RBI-licensed Account Aggregator headquartered in Mumbai, Maharashtra. From the very beginning, Saafe was set up with the sole purpose of becoming an Account Aggregator. In its early years before licensing, the company focused on building the core platform, ensuring compliance with RBI guidelines, and working on pilot integrations with financial institutions.

This blog explores how Saafe AA works, the range of services it offers, and the benefits it brings to both users and financial institutions.

Overview of Saafe Account Aggregator and its Services

Aspect	Saafe Account Aggregator Overview
Parent Organization	Operated by Dashboard Account Aggregation Services Pvt. Ltd, headquartered in Mumbai, Maharashtra.
Incorporation & License	Incorporated in June 2016 it received its NBFC-AA license from RBI on 5 October 2021.
Core Services	Consent-based financial data sharing across banks, NBFCs, insurers, and investment platforms under the RBI’s AA framework.
Target Users	Banks, NBFCs, fintechs, insurers, investment platforms, and individual consumers.
Differentiator	Set up from the very beginning with the sole purpose of becoming an Account Aggregator; focused early on compliance and pilot integrations.
Use Cases	Loan processing, income verification, personal finance management, and wealth managers
Market Position	Positioned as a purpose-built AA player with a reliability-first approach, steadily building integrations with FIPs.

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 Saafe Account Aggregator

For Consumers

• Linking of bank accounts, deposits, and investment accounts through a single platform
• Consent-based sharing of financial data for faster loan processing and credit assessments
• Tools for income and investment verification without the need for physical paperwork

For Financial Information Providers (FIPs)

• Consent management, secure data APIs, and compliance-ready onboarding. It ensures encrypted, standardized data sharing while meeting RBI and Sahamati guidelines. With monitoring tools and scalable infrastructure, Saafe AA helps FIPs integrate seamlessly into the AA framework while maintaining security and regulatory compliance.

For Financial Information Users (FIUs)

• Support for building customized financial solutions

These services are designed to reduce paperwork, cut waiting times, and give people greater control over their financial data.

How Saafe Account Aggregator Works

Saafe AA follows a consent-based process that is simple for users and secure for financial institutions. The main steps are:

1. A user applies for a loan, credit card or financial product on an app or website
2. The app requests financial data like bank statements through Saafe AA
3. A consent screen appears, showing:
   • What data will be shared
   • For what purpose
   • For how long
4. The user selects the accounts to link, enters the OTP and approves the request
5. Setu AA fetches the data from FIP and delivers it securely to the requesting app (FIU)
6. The user can revoke access anytime, stopping further data sharing instantly

Use Cases of Saafe Account Aggregator for Fintechs

Saafe is used by banks, NBFCs, insurers like ICICI Prudential Life Insurance and Shriram Life Insurance, and fintechs to enable faster, paperless financial services. Built as a purpose-driven Account Aggregator, it provides secure, consent-based data sharing that helps institutions simplify credit, lending, and wealth management processes. Some of the key use cases of Saafe include:

• Credit and Loan Approvals
• Digital Lending & Fintech Onboarding
• Wealth and Advisory Platforms
• Consent Tracking for Users

By delivering verified financial data instantly, Saafe reduces paperwork, speeds up loan decisions, and allows fintechs to build smoother onboarding journeys. It also empowers users with full transparency and control over their data consents, making financial interactions simpler, safer, and more efficient.

Benefits of Using Saafe Account Aggregator

1. Single-Purpose Focus

• Saafe’s central strength is its unwavering focus on being an Account Aggregator. From its founding, the company has dedicated its efforts solely to designing, building, and operating within the AA framework.
• This clarity of focus ensures neutrality and strict compliance with RBI’s guidelines. It also allows Saafe to offer a platform that is designed entirely around secure data sharing.

2. Institutional Credibility and Adoption

• Saafe is gaining increasing acceptance among regulated financial institutions such as banks, insurers, and fintechs.
• By positioning itself as a reliable and neutral utility, it has been able to build credibility within the financial ecosystem. Its compliance-first approach and early pilot integrations reduce adoption barriers, making it a trusted option for institutions.

3. Transparent Consent Management for Users

• For end users, Saafe emphasizes clarity and transparency around consent. Every data-sharing request is logged in detail.
• All active consents can be tracked, reviewed, or revoked at any time. This strong control, combined with a simple and secure user journey, makes Saafe appealing to users who value safety and convenience in financial interactions.

Saafe Account Aggregator vs Other Account Aggregators

Factor	Saafe	OneMoney	CAMSFinServ	NADL (NeSL)
Network Coverage	Headquartered in Mumbai they have 48 AAs live with them	Headquartered in Hyderabad with the highest number of FIPs live: 88.	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 speed and ratability focused AA services to Businesses and end user (via Saafe app)	Provides encrypted real-time data with APIs and SDKs for decision 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	Businesses tools designed for lenders and wealth managers,	Helps NBFCs with credit risk assessment using multiple data points.	Natural fit for traditional institutions like banks, insurers, and asset managers.	Utility role with high trust but less flexibility for custom solutions.
Differentiators	Agile private-sector player emphasizes simplicity, transparency, and compliance without additional complexity.	First AA in India and with the highest number of FIPs onboarded: 88.	Trusted financial record-keeper; compliance-first with decades of credibility.	Government credibility ensures high adoption among institutions and statutory players.

Future Roadmap of Saafe Account Aggregator

At present, Saafe has not publicly shared a detailed roadmap about its future plans. Unlike some larger Account Aggregators that have announced specific partnerships or ecosystem expansion goals, Saafe has kept its focus primarily on providing core AA services under the RBI framework.

Given this, it is reasonable to expect that its future will align with the broader Account Aggregator ecosystem in India. As more banks, insurers, pension funds, and investment platforms join the framework, Saafe will likely expand its coverage and improve its platform to stay compliant and user-friendly.

For now, Saafe’s direction remains tied to the overall growth of the AA network, and any concrete details on its upcoming initiatives will depend on future announcements by the company.

Is Saafe Account Aggregator Safe?

Yes. Saafe AA follows strict RBI guidelines and security standards.

Security features include:

• End-to-end encryption

• No storage of customer data

• Consent-based access only

• Option to revoke consent anytime

Saafe AA cannot access or misuse your money or data.

Who Should Use Saafe Account Aggregator?

• Individuals applying for loans or credit cards

• MSMEs looking for faster access to credit

• Banks and NBFCs needing verified financial data

• Fintech apps offering personal finance insights

FAQs on Saafe Account Aggregator

1. What is Saafe?

Ans: Saafe is an RBI-licensed Account Aggregator operated by Dashboard Account Aggregation Services Pvt. Ltd. It helps users share their financial data securely and only with consent.

2. When did Saafe receive its licence?

Ans: Saafe received its NBFC-AA licence from the Reserve Bank of India on 5 October 2021.

3. What services does Saafe provide?

Ans: Saafe focuses only on Account Aggregator services. It allows individuals and businesses to link their financial accounts and share data digitally with banks, insurers, and fintechs.

4. Does Saafe store my financial data?

Ans: No. Saafe does not store or read your data. It only acts as a regulated channel to transfer encrypted information between financial institutions with your consent.

5. How can I use Saafe?

Ans: Users can access Saafe through its app or web portal, where they can link accounts, approve or revoke consents, and monitor their data-sharing history.

6. Can small businesses use Saafe?

Ans: Yes. SMEs can use Saafe to share financial records and transaction data with lenders. This helps in accessing loans and other financial products more easily.

7. How is Saafe different from other Account Aggregators?

Ans: Saafe is a pure-play AA, created solely for consent-based data sharing. Unlike some peers that also offer analytics or personal finance tools, Saafe stays focused only on being a secure and neutral AA platform.

Conclusion

Saafe is a dedicated Account Aggregator built from the ground up to enable secure, consent-based data sharing. Unlike players with fintech or analytics roots, its single-purpose design ensures neutrality, simplicity, and compliance, making it a trusted partner for institutions and users alike. As India’s AA ecosystem expands with more banks, insurers, and investment platforms, Saafe is well placed to serve as a transparent and reliable utility. With its focus on user control and regulatory trust, it will continue to play a steady role in driving digital, paperless financial services.