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

CRIF Connect is based in Pune, Maharashtra, and was incorporated in 2019 to provide Account Aggregator services. The company received its NBFC-AA license from the RBI in March 2023. It is a subsidiary of CRIF S.p.A., a global credit bureau and analytics company headquartered in Bologna, Italy, which also operates CRIF High Mark in India.

An Account Aggregator is a framework introduced by the Reserve Bank of India (RBI) that allows people to share their financial data digitally in a safe and consent-based manner. Instead of uploading documents or bank statements, users can approve data sharing instantly through a secure platform.

Services Offered by CRIF Connect Account Aggregator

• Unified financial data view that allows users to see balances, deposits, investments, and transactions from multiple institutions in one place
• Granular consent controls where users can approve, pause, or revoke data-sharing requests and define purpose and duration
• Potential to combine AA data with CRIF’s existing credit bureau expertise to deliver richer insights for financial institutions

CRIF Connect’s services bring together account aggregation, simple consent management, and the strength of CRIF’s credit intelligence, making it useful for both individuals and financial institutions.

How CRIF Connect Account Aggregator Works (Step-by-Step Process)

• When a person applies for a loan, investment product, or insurance policy, the app or platform requests financial information through CRIF Connect
• A consent window is shown to the user, explaining the type of data required, the reason for sharing, and how long access will remain active
• The user chooses which accounts to connect and confirms the request using OTP
• CRIF Connect retrieves the requested data directly from the financial institutions where the accounts are held and passes it securely to the requesting platform
• The individual can view active consents and withdraw access whenever they choose, ensuring full control over their data

Use Cases of CRIF Connect Account Aggregator for Fintechs

• Better access to credit: Lenders can use verified account and income data to give loans even to people or small businesses who don’t have a long credit history.
• Financial management apps: Apps can pull all accounts, deposits, and investments into one place so users can track spending, savings, and plan better.
• Personalized banking: With clear user consent, fintechs can use the data to recommend the right products like loans, insurance, or investments that fit each customer’s needs.

CRIF Connect allows fintechs to improve lending, build smarter finance apps, and offer more relevant banking products, all while keeping users in control of their data.

Where Can You Use CRIF Connect Account Aggregator in Daily Life?

CRIF Connect usually appears during key financial journeys, even though users do not access it directly as a standalone app. It surfaces on lending or financial platforms when secure data access is required.

• Credit applications with enhanced risk assessment: When applying for a loan or financial product, the app may trigger a CRIF Connect consent screen that not only pulls account details but can also be combined with insights from CRIF High Mark to support better credit decisions.
• MSME credit workflows with GST integration: For small businesses, the platform can be used to share GST-linked financial data along with account information, helping lenders assess cash flow and repayment capacity.
• Budgeting and planning tools: Finance apps can use CRIF Connect to give users a unified view of balances, deposits, and investments, which can then be combined with CRIF’s analytics for smarter financial planning.
• Consent management across platforms: Whether in lending, insurance, or wealth management, CRIF Connect allows users to grant, pause, or revoke access at any time, keeping them in control of their data.

CRIF Connect enhances day-to-day financial interactions by combining Account Aggregator flows with CRIF’s broader credit and risk expertise, creating more complete solutions for both individuals and businesses.

Benefits of Using CRIF Connect Account Aggregator

One of the biggest advantages of CRIF Connect is its ability to combine AA data with the parent company’s existing credit bureau and risk analytics. This gives financial institutions a more complete picture of a customer’s financial health and improves the accuracy of lending decisions.

CRIF Connect also supports deeper SME and MSME assessments by enabling GST-linked data flows alongside account aggregation. For small businesses that often struggle with credit access, this creates a fairer and more data-driven way of evaluating repayment capacity.

Another benefit is the potential for hyper-personalized services. By linking financial data with CRIF’s analytics engine, banks and fintechs can offer more relevant products, smarter portfolio recommendations, and risk-adjusted solutions tailored to each user.

CRIF Connect vs Other Account Aggregators

CRIF Connect entered the AA ecosystem later than some early players like Finvu, CAMSFinServ, and OneMoney, receiving its full license in 2023. While it may not have the first-mover advantage, it differentiates itself by leveraging CRIF’s established presence in India through CRIF High Mark, a licensed credit bureau.

Unlike AAs that focus mainly on facilitating data flows, CRIF Connect’s strength lies in its integration with credit bureau analytics. This combination allows financial institutions to not only access user-permitted data but also evaluate it against credit histories and risk insights for better decision-making.

In contrast, players like Setu are known for developer-friendly APIs, and CAMSFinServ leans on its mutual fund services expertise. CRIF Connect, meanwhile, positions itself as a bridge between the AA framework and advanced credit analytics, giving it a distinct role in the ecosystem.

Future Roadmap of CRIF Connect Account Aggregator

CRIF Connect plans to strengthen its link with CRIF High Mark’s credit bureau so that lenders can use both account aggregation data and bureau records together. This will allow them to build more reliable credit models and make better risk decisions.

The company is preparing to expand its offerings for MSMEs by combining GST data with bank account flows. This will help lenders judge repayment ability more accurately and extend credit to small businesses that usually struggle to qualify.

Another key priority is to build analytics-driven personalization for banks and fintechs. By using the combined power of AA data and CRIF’s analytics, financial institutions will be able to offer tailored products, personalized advice, and more relevant financial solutions to users.

FAQs on CRIF Connect Account Aggregator

1. What is CRIF Connect and who operates it?

   CRIF Connect is an RBI-licensed Account Aggregator based in Pune. It is operated by CRIF S.p.A., a global credit bureau and analytics company headquartered in Bologna, Italy.

2. When did CRIF Connect receive its Account Aggregator license?

   CRIF Connect received in-principle approval in February 2022 and was granted its NBFC-AA license by the RBI in March 2023.

3. What services does CRIF Connect provide?

   CRIF Connect allows users to link accounts across banks, deposits, pensions, and investments. It also offers consent management tools and supports data flows for lenders, insurers, and wealth platforms.

4. How does CRIF Connect stand out from other AAs?

   Unlike most AAs, CRIF Connect is backed by a global credit bureau. This gives it the ability to combine AA data with bureau insights, supporting stronger credit decisions and more personalized services.

5. Where might I encounter CRIF Connect in daily life?

   You may see CRIF Connect during loan applications, investment onboarding, or when using digital finance apps. It appears as a consent screen where you approve what data to share and for how long.

6. Does CRIF Connect help small businesses?

   Yes. By combining GST-linked data with account flows, CRIF Connect is working to make it easier for MSMEs to access credit.

7. What is the relationship between CRIF Connect and CRIF High Mark?

   CRIF Connect is part of the CRIF group, which also operates CRIF High Mark, one of India’s licensed credit burees. Together they create a stronger ecosystem by combining account aggregation with bureau insights.

8. Who can integrate with CRIF Connect?

   Banks, NBFCs, insurers, wealth platforms, and fintech companies can integrate with CRIF Connect through its APIs to access verified financial data with user consent.

9. What makes CRIF Connect different from older AAs like CAMSFinServ or OneMoney?

   CRIF Connect differentiates itself through its global credit bureau expertise, combining account aggregation with risk analytics, while older AAs focus mainly on data transfer alone.

CRIF Connect brings together the strengths of an RBI-licensed Account Aggregator with the global credit expertise of the CRIF group. By combining account aggregation with bureau analytics, it offers financial institutions a more complete picture of customer risk and financial health.

Looking ahead, CRIF Connect is set to play a bigger role in lending, MSME financing, and personalized financial services. With its focus on deeper integration, risk-based insights, and user-controlled data flows, it is positioned to help banks and fintechs deliver fairer credit access and smarter financial products in India’s evolving digital ecosystem.