After three years of discussions, the Account Aggregator (AA) ecosystem will receive a standard pricing model for the first time. According to information obtained from three informed sources and an analysis of a circular prepared by Business Standard, this system will come into effect on November 1, 2026.
From this moment on, financial institutions using the AA network to obtain customer data will pay a fixed fee. This amount will be distributed among the data storage organization, the AA itself, which facilitates the transfer, and Sahamati, the network's self-regulatory body.
The circular issued by Sahamati—a self-regulatory organization recognized by the Reserve Bank of India (RBI)—stipulates that participants in the AA ecosystem cannot directly charge customers for data exchange through this network.
The circular emphasizes that the fee for using Digital Public Infrastructure (DPI) allows AA to continue developing and operating this infrastructure. These funds cover additional costs associated with regulatory compliance, such as two-factor authentication, consent panels, and enhanced cybersecurity, ensuring the reliability and security of the system for all participants, especially end-users.
Starting November 1, banks, lenders, and AAs using the network will transition to unified pricing under a single standard contract. This will replace individual agreements previously made between parties, including those routed through Technology Service Providers (TSPs).
Previously, these intermediaries connected lenders and banks to the AA network and charged for it. However, AAs retain the right to separately charge lenders for additional services, such as specialized software tools.
AAs are entities that move a customer's financial data from one institution to another, for example, from a bank to a lender, but only with the customer's consent. They transmit the data without being able to read or store it. Institutions that own customer data are called Financial Information Providers (FIPs), and those who request the data, such as lenders, are Financial Information Users (FIUs). The main goal of AA is to simplify obtaining credit or accessing other financial services.
According to a senior executive familiar with the matter, 'the data belongs to the customer, but there is a cost for data delivery. There are technology expenses, such as upgrades and cybersecurity. In this case, FIUs will have to pay for using this channel connecting AAs and FIPs.'
However, FIPs, such as banks, will only receive payment upon successful data transmission. They must meet a minimum monthly success rate, which is 80 percent as of December 1 and increases in subsequent months.
Pricing Structure
The lender or FIU pays all three AA charges in a single payment. AA retains its share and transfers the rest to the bank and Sahamati. Previously, FIPs did not receive payment, and the fee paid by the FIU went to AA and TSPs.
Unlike AAs, banks and lenders, and TSPs, are not subject to direct regulation, and the circular does not provide them with a share in the new fees. Players anticipate that the new model will lead to a decrease in their profits. Until now, these players had independent bilateral agreements with FIUs and AAs.
One TSP founder stated that AAs with their own technology divisions can now offer this technology to lenders for free, as the new fee provides AAs with a much higher margin than they currently receive. The founder noted: 'We see a fundamental misalignment of incentives without cost benchmarking.'
AA leaders disagree with this view. They argue that without a standard pricing model, TSPs were positioned between lenders and AAs, setting prices and taking the majority of the money, leaving little for AAs.
Another source reported: 'TSPs were unduly profitable compared to AAs. They used to pressure AAs and lower the prices paid by FIUs. In many cases, payment from FIUs went to TSPs because they negotiated.'
For instance, the fee is charged for every successfully transferred bank account and depends on the number of months of data requested by the lender. For a seven-month statement, the bank/lender pays between 5.88 and 6.55 rupees. Of this amount, 2.80 rupees go to the bank, 40 paise to Sahamati, and the rest to AA.
When a person applies for a loan, lenders usually need bank statements. Customers traditionally had to upload potentially falsified PDF statements or share their internet banking password, which carries risks. The AA network eliminates both these problems. With the customer's consent, the lender requests the data, the bank sends it digitally, and AA transmits it between them.
Until now, banks bore the costs of creating and maintaining systems for sending this data independently. The new fee is intended to compensate for these costs and motivate banks to maintain these systems in good condition.
Sahamati's Share
The new pricing model provides Sahamati with a small share of the fees. The organization was recognized as an SRO in June 2026. One interviewee added: 'The ecosystem should be self-sufficient. For the last seven years, it has functioned on donations. Sahamati also awaited SRO recognition before announcing pricing details.'
In April, Sahamati attracted 50 crore rupees from over 30 financial institutions. Sahamati Foundation is a non-profit alliance managed by members registered as a Section 8.