Account Aggregator Network Introduces Standard Pricing from Nov 2026

After extensive discussions spanning three years, the account aggregator (AA) ecosystem is preparing to introduce a standardized pricing structure beginning November 1, 2026. This change aims to streamline the fees charged for accessing customer financial data through the AA network, according to sources familiar with the matter and a circular reviewed by Business Standard.

Under the new system, financial institutions that obtain customer data via the AA network will pay a fixed fee. The collected amount will be divided among three key stakeholders: the entity holding the data, the AA facilitating the transfer, and Sahamati, the self-regulatory organization overseeing the network. Importantly, entities within the ecosystem are prohibited from charging customers directly for data sharing, reinforcing the principle that the data belongs to the customer.

The circular issued by Sahamati, which is recognized by the Reserve Bank of India (RBI) as the self-regulatory body for the AA framework, explains that the fee supports the operation and upkeep of this digital public infrastructure (DPI). This includes covering the costs of regulatory compliance measures such as two-factor authentication, consent dashboards, and improved cybersecurity protocols. These features are critical to maintaining a secure and dependable environment for all participants, especially end users.

Starting November 1, banks, lenders, and AAs will transition to a unified pricing model governed by a standard contract. This will replace the varied bilateral agreements that have existed to date, many of which involved technology service providers (TSPs) acting as intermediaries. Until now, TSPs have connected lenders and banks to the AA network and charged fees for their services.

While AAs retain the ability to charge lenders separately for additional value-added services such as custom software tools, the core data-sharing process will follow the new rate card. AAs serve as conduits moving customer financial information from one institution to another — for example, from a bank (the financial information provider or FIP) to a lender (the financial information user or FIU) — only after receiving customer consent. They transmit data without storing or accessing its contents.

A senior executive with direct knowledge of the ecosystem explained, "The data belongs to the customer, but there is a fee to deliver the data. Expenses arise from technology upgrades and cybersecurity. FIUs will need to pay a fee to use the pipeline connecting AAs and FIPs." To ensure reliability, FIPs like banks will only receive payment if they meet a minimum monthly data delivery success rate, which starts at 80% from December 1 and will increase over time.

Under the new pricing framework, the FIU pays a consolidated bill to the AA, which then distributes shares to the bank and Sahamati. Previously, FIPs were not compensated for delivering data, and fees were often directed to AAs and TSPs. Unlike banks and lenders, TSPs lack direct regulation under this system and will not receive any portion of the fees, which industry participants anticipate will reduce their profit margins. TSPs previously negotiated independent agreements with FIUs and AAs.

A founder of a TSP expressed concern that AAs that operate their own technology divisions might now offer those tools to lenders for free, since the new fee structure provides AAs with significantly higher margins. "We see a fundamental incentive misalignment, with no benchmarking on costs," the founder remarked.

However, AA executives counter that without a standard pricing model, TSPs have dominated the pricing negotiations, retaining most of the revenue and leaving AAs with limited earnings. One industry insider stated, "TSPs have been unreasonably profitable compared to AAs. They squeezed AAs and drove down prices paid by FIUs. Often, payments from FIUs went directly to TSPs because they negotiated deals."

Fees are calculated based on factors such as the number of bank accounts whose data is shared and the duration of data requested. For example, for a seven-month bank statement, the lender pays between ₹5.88 and ₹6.55. Of this, ₹2.80 goes to the bank, 40 paise to Sahamati, and the remainder to the AA.

This new system addresses common challenges borrowers face when applying for loans. Traditionally, they had to upload PDF statements prone to tampering or share sensitive net banking credentials, which posed security risks. The AA network simplifies this by allowing lenders to request data digitally with the customer's consent, with banks securely sending the information and AAs acting as data carriers.

Until now, banks have had to develop and maintain the infrastructure for data sharing at their own expense. The introduction of this fee provides a financial incentive for banks to maintain and improve these systems, promoting reliability and efficiency.

Sahamati, the self-regulatory organization, will receive a modest portion of the fees under the new model. Established as an SRO in June 2026, Sahamati has operated primarily on donations over the past seven years. The recognition as an SRO enabled it to formalize the pricing structure. Earlier in April, Sahamati raised ₹50 crore from over 30 financial institutions. It functions as a not-for-profit, member-driven alliance supporting the industry.

The new pricing framework represents a significant shift from the previous arrangement of separate deals between lenders, banks, and intermediaries. It aims to create a more transparent, sustainable, and equitable ecosystem for sharing financial data, ensuring that costs associated with technology and compliance are fairly distributed among participants.