Solutions for Fintech Companies
Build Consent-Based Financial Data Access into Your Platform
OMS AA's APIs enable fintech platforms to offer customers instant access to their financial data across banks, streamlining account linking, income verification, and data-driven financial products.
The Problem
The Challenge
Fintech platforms struggle with:
- Manual Account Linking: Customers must manually enter credentials (security risk, poor UX)
- Data Fragmentation: Users don't see consolidated view of accounts across institutions
- Verification Delays: Income and asset verification requires manual document upload
- Regulatory Uncertainty: Compliance with DPDP Act, 2023 and RBI compliance is complex
The Fix
How OMS AA Enables Secure, Compliant Fintech
1
Secure Account Linking
- Customer authorizes fintech to access their bank account data via OMS AA
- No credential sharing; secured via consent mechanism
- Instant account linking without typing passwords
2
Consolidated Financial View
- Customer sees all their bank accounts, loans, investments in one dashboard
- Real-time balance and transaction updates
- No data storage on fintech servers; data pulled on-demand from banks
3
Instant Income Verification
- Lender receives verified bank statements and income docs instantly
- Faster approval without extra document upload
4
Compliance Built-In
- OMS AA handles DPDP Act, 2023 compliance (consent, notice, data rights)
- RBI-regulated; reduces fintech's compliance burden
- Audit trails and consent records support regulatory defense
Onboarding
Implementation
Quick Start
- Integrate OMS AA API into your existing platform (1-2 weeks)
- Design customer consent flow (white-labeled)
- Handle data sharing webhooks
- Deploy and test in sandbox
- Go live
API & Integration Support
- RESTful API for backend integration
- Webhooks for asynchronous consent and data events
- 24/7 developer support
In Practice
Use Cases
1
Personal Finance Aggregation App
- User links multiple bank accounts via OMS AA consent
- App displays consolidated balance, recent transactions, categorized spending
- User can see net worth across all accounts in real-time
2
Loan Marketplace Platform
- User browses loan offers on marketplace
- Clicks "Apply" and consents to share bank statements
- Marketplace lender receives verified data instantly
- Loan decision and offer in minutes
3
Investment Platform
- User links investment accounts (mutual funds, stocks) via OMS AA
- Platform shows consolidated portfolio view
- User can authorize risk assessment based on verified income
Regulatory
Compliance & Security
Regulatory Compliance
- DPDP Act, 2023 Sec 6 (consent) and Sec 8 (data handling)
- No data storage on fintech servers = reduced compliance risk
- Audit-ready consent records
Data Security
- All data transmission encrypted (TLS 1.3)
- Customer authentication required for consent approval
- No credential storage or sharing
Fintech Liability
- Fintech is classified as "Data Fiduciary" for data it receives
- Must comply with Sec 8 (security, retention, erasure)
- OMS AA provides audit trails to demonstrate compliance
Results
ROI & Business Impact
| Metric | Improvement |
|---|---|
| Account Linking Friction | Eliminated credential entry; instant linking |
| Data Retrieval Speed | Real-time vs. 24-48 hour manual document upload |
| User Onboarding Time | Reduced by 50-70% |
| Compliance Overhead | Reduced via OMS AA's regulatory framework |
| Credit Product Approval Time | Faster due to instant income verification |
Anonymized
Case Study
Platform: Personal Finance Aggregation App
Challenge: 60% user friction at account linking stage; manual data retrieval took 2+ days
Solution: Integrated OMS AA for consent-based account access
Results:
- Account linking friction reduced by 80% (instant)
- User onboarding time reduced from 10 minutes to 2 minutes
- 40% increase in active users
- Faster data availability for in-app recommendations