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

Cygnet Account Aggregation Pvt. Ltd. is an RBI-licensed Account Aggregator headquartered in Ahmedabad, Gujarat. The company was incorporated in February 2020 and received in-principle approval in October 2022 to operate as an NBFC-AA. It is part of the wider Cygnet group, which provides technology and compliance solutions in areas such as GST, financial reporting, and digital transformation, and has now extended its capabilities into the AA framework.

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

Overview of Cygnet Account Aggregation and its Services

Aspect	Cygnet Account Aggregator Overview
Parent Organization	Part of the Cygnet Group, which offers technology and compliance solutions in GST, financial reporting, and digital transformation.
Incorporation & License	Incorporated in February 2020, headquartered in Ahmedabad, Gujarat. Received in-principle approval from RBI in October 2022 to operate as an NBFC-AA.
Core Services	Secure consent-based financial data sharing, GST data integration, and digital compliance support under the AA framework.
How It Works	Acts as a licensed NBFC-AA to facilitate secure data exchange between Financial Information Providers (FIPs) and Financial Information Users (FIUs), with user consent.
Use Cases	Loan processing, income verification, SME lending with GST-linked data, credit assessment, and personal finance management.
Benefits	Reduces paperwork, speeds up financial decision-making, improves accuracy of credit assessments, and enhances data security for both users and institutions.
Market Position	A growing AA player leveraging Cygnet’s strong technology and compliance expertise to expand into financial data-sharing services.

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.

What Is Cygnet Account Aggregator?

Cygnet Account Aggregator is a consent-based financial data-sharing platform under the RBI’s Account Aggregator framework.

Quick answer: Cygnet AA allows individuals and businesses to share bank and financial data digitally, securely, and only with approval.

Key points:

• Regulated by RBI

• No data storage

• User-controlled consent

• End-to-end encrypted data flow

Services Offered by Cygnet Account Aggregator

For Financial Information Providers (FIPs)

• Secure framework for providing standardized financial data directly from source institutions with full compliance and reliability.

For Financial Information Users (FIUs)

• Data Analysis for Lenders: Uses account information to provide structured insights on income, spending, and cash flow, helping institutions with credit assessment.

For Institutions as a Technology Service Provider (TSP)

• Cygnet is also listed with Sahamati as a TSP, offering modules that assist institutions with data connectivity, consent management, and compliance. This dual role of providing both AA services and technical enablement makes Cygnet distinct in the ecosystem.

How Cygnet Account Aggregator Works

Cygnet 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 Cygnet 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 Cygnet Account Aggregator

Cygnet is used by lenders, fintechs, and financial institutions to simplify adoption of the Account Aggregator framework and deliver consent-based digital services. With its dual role as an AA and a Technology Service Provider, it enables faster integration, secure data flows, and smooth user experiences. Some of the key use cases of Cygnet include:

• Loan Underwriting
• Personal Finance & Wealth Tools
• FIP Onboarding

By providing verified financial data, compliance-ready APIs, and enterprise-grade integration, Cygnet supports lenders in faster credit decisioning, empowers fintechs to build unified financial products, and helps banks and insurers onboard into the AA ecosystem efficiently. For users, its role is largely invisible in the background, ensuring their consented data sharing is seamless, secure, and reliable.

Benefits of Using Cygnet Account Aggregator

• Dual Role: AA and TSP

A key benefit of Cygnet is that it operates not only as an Account Aggregator but also as a Technology Service Provider (TSP) listed with Sahamati. This means it offers ready-made modules for FIPs and FIUs such as consent flows, onboarding, and compliance checks so institutions can connect to the AA framework without building their own systems from scratch.

• Strong Tax and Compliance Background

Another unique strength is Cygnet’s background in tax and compliance technology through the wider Cygnet group, which has expertise in GST, e-invoicing, and financial reporting. This background gives it a strong foundation in handling regulated data flows, something many other AAs do not have.

• Enterprise-Grade Integration

Cygnet also differentiates itself by providing enterprise-grade integration support. Instead of only serving consumers, it focuses heavily on helping large banks, insurers, and fintechs adopt AA quickly with minimal technical hurdles, positioning itself as both a service provider and an enabler of the ecosystem.

Cygnet Account Aggregator vs Other Account Aggregators

Factor	Cygnet	INK	OMS Fintech	NADL (NeSL)	CAMSFinServ
Network & Setup	Headquartered in Ahmedabad number of FIPs live them are unknown	Headquartered in Chennai, INK has 30 FIPs live with them.	Headquartered in Chennai, OMS has only 4 FIPs live with them	Government-backed via NeSL, they are Headquartered in Mumbai and 60 FIPs are live with them	Part of MF registrar CAMS, they are Headquartered in Chennai and 61 FIPs live with them
Data Handling	Leverages GST and e-invoicing expertise to manage regulated financial data with high compliance standards.	Provides standard consent-based data flows with focus on basic AA compliance.	Primarily handles user consent and secure data transmission; fewer backend tools.	Acts as a statutory repository with high security and government oversight.	Focused on financial data, especially mutual fund records and related services.
Role & Flexibility	Acts both as an AA and as a TSP, offering backend integration tools for institutions.	Lightweight AA with focus on front-end consent management.	Limited role, mainly offering consumer-facing consent-based AA services.	Utility role, high trust but less flexibility for custom solutions.	Natural fit for traditional institutions like banks, insurers, and asset managers.
Differentiators	Specialize in GST and financial report, natural verticals which many lack	Simple consent-focused AA; limited scope beyond basic aggregation.	Positioned as a consumer-facing AA with minimal backend features.	Government credibility, high adoption among many institutions players.	Trusted financial record-keeper,  compliance-first with decades of credibility.

Is Cygnet Account Aggregator Safe?

Yes. Cygnet AA follows strict RBI guidelines.

Security highlights:

• End-to-end encryption

• No storage of user data

• Consent-based access only

• User can revoke access anytime

Cygnet AA cannot see or sell your data.

Who Should Use Cygnet Account Aggregator?

• Individuals applying for loans or credit cards

• MSMEs seeking faster business loans

• Banks and NBFCs needing verified data

• Fintech apps offering financial insights

Future Roadmap of Cygnet Account Aggregator

Short Term

• Expand adoption among leading banks, NBFCs, and fintechs.
• Strengthen APIs and consent flows for faster integrations.
• Focus on smoother onboarding for FIPs and FIUs.

Mid Term

• Enhance analytics and reporting features for institutions.
• Broaden support for use cases like wealth management, insurance, and MSME lending.
• Collaborate with regulators and Sahamati to refine compliance workflows.

Long Term

• Build a robust ecosystem connecting all major financial institutions.
• Integrate cross-sector data sources like tax, pensions, and investments.
• Position Cygnet as a global player in secure, consent-driven data exchange.

FAQs on Cygnet Account Aggregator

1. What is Cygnet Account Aggregation Pvt. Ltd.?

Ans: Cygnet Account Aggregation is an RBI-licensed Account Aggregator based in Ahmedabad, Gujarat. It enables secure, consent-driven sharing of financial data between institutions.

2. When did Cygnet receive its licence?

Ans: Cygnet was incorporated in February 2020 and received in-principle approval from the Reserve Bank of India in October 2022 to operate as an NBFC-AA.

3. Does Cygnet provide a consumer app?

Ans: No. Unlike some AAs, Cygnet does not offer a direct-to-consumer app. Its focus is on enabling banks, NBFCs, insurers, and fintechs to integrate with the AA framework.

4. What services does Cygnet provide?

Ans: Cygnet provides Account Aggregator services and also functions as a Technology Service Provider (TSP), offering APIs, onboarding workflows, and compliance modules for FIPs and FIUs.

5. Can small businesses benefit from Cygnet?

Ans: Yes. SMEs can share transaction data through institutions that use Cygnet’s infrastructure, making it easier to access loans or other financial services.

6. What makes Cygnet different from other AAs?

Ans: Cygnet stands out because it combines its AA licence with its role as a TSP. This allows it to provide both regulated data-sharing services and backend technology for institutions joining the AA ecosystem.

7. Does Cygnet work only in India?

Ans: Yes. The AA framework is a regulatory initiative of the Reserve Bank of India, and Cygnet operates within this framework for Indian financial institutions and users.

8. What is Cygnet focusing on in the future?

Ans: Its roadmap includes expanding coverage to more financial data sources, enabling end-to-end digital lending, introducing faster onboarding for institutions, and strengthening analytics tools.

9. Can NRIs use services connected with Cygnet?

Ans: Yes. NRIs with Indian financial accounts can share data through institutions connected to the AA network, provided their banks or FIPs are integrated via Cygnet.

Conclusion

Cygnet Account Aggregation Pvt. Ltd. has established itself as a distinctive player in the Indian AA ecosystem by combining its role as a licensed AA with that of a TSP. With roots in tax and compliance technology through the wider Cygnet group, it brings strong expertise in regulated data flows and enterprise integration, making it an important enabler for financial institutions entering the AA framework. Looking ahead, Cygnet is expected to expand its coverage of financial data sources, strengthen analytics, and simplify onboarding for banks, NBFCs, and fintechs. By focusing on backend infrastructure and compliance-driven services rather than consumer-facing apps, it is positioned to play a key role in scaling the AA ecosystem in India and supporting the delivery of faster, more transparent financial services.

Link:

• Cygnet Account Aggregator