Fime helps support growth of India’s open banking ecosystem

By Leandra Monteiro

Fime has been empanelled as an official certifier by India’s DigiSahamati Foundation (Sahamati) to support the organic and sustainable growth of the country’s open banking account aggregator ecosystem.

Fime’s expertise and cloud-based open API testing tool, TrustAPI+ are enabling innovation and reducing time to market, while ensuring the highest standard of quality of services. The collaboration is working to enable India to learn from some of the open banking challenges seen in Europe.

Fime consultants and testing experts are supporting Sahamati’s Certification Working Group to standardize and augment customer onboarding, data governance and security for the account aggregator network. Account aggregators facilitate the sanctioned sharing of financial information in real-time between Financial Information Providers (FIPs) and Financial Information Users (FIUs). The company is now working with all parties to test their APIs and integrations, and undergo certification in line with the Sahamati Certification Framework.

Mr. B.G. Mahesh, co-founder of Sahamati said, “Our goal is to help drive the adoption of the account aggregator specifications and facilitate the organic growth of the ecosystem. Sahamati is helping to facilitate the consented sharing of financial information to enable use cases such as lending and wealth management . This is helping to drive forward the Make In India initiative by enabling the digital transformation of India’s financial services.”

“Data currently exists in silos and can’t be used effectively by individuals or businesses. This initiative is bringing everyone together to enable data sharing, fostering innovation and bringing more valuable products and services for consumers and businesses,” added Mr. Angaj Bhandari, India and South Asia Managing Director at Fime. “Certification is a key enabler, protecting the integrity of the space, the APIs it relies on and ensuring the right parties are involved.”

As with all products launched on the Fime Test Factory platform, TrustAPI+ is accessed through a secure cloud portal, allowing multiple users to collaborate on projects even when located across different regions.