Axis Bank, Bajaj Finserv, ICICI Bank, IDFC FIRST Bank, HDFC Bank, Indusind Bank, Kotak Mahindra Bank and State Bank of India are in various stages of adopting the account aggregator (AA) framework, according to an industry body, ahead of a public rollout of the new technology product in May.
“All the work is going in that direction. We are coordinating between the ecosystems. The scale-up will see a hockey stick effect. These banks and AA companies are part of the first wave. Many are waiting to join the second wave,” said BG Mahesh, a cofounder of Sahamati, a non-profit collective of account aggregators.