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Tally Solutions launches account aggregator services to facilitate bank credit to MSMEs

The new product will work in conjunction with banks and NBFCs or Financial Information Users (FIUs), and help with consent-based data sharing for small businesses.

Account Aggregator for MSMEs: The business management software company Tally Solutions, on Friday, announced the launch of its subsidiary Tally Account Aggregator Services, with its product TallyEdge. The new product will work in conjunction with banks and NBFCs or Financial Information Users (FIUs), and help with consent-based data sharing for small businesses.

The platform will allow businesses to consolidate their financial information from various entities in one place, with the option of viewing and sharing the information safely. The platform operates under the framework of NBFC-AA, which ensures digital data access, and consent-based data sharing with the financial intermediaries.

Tejas Goenka, Managing Director, Tally Solutions, said “At Tally, we have been working on our Account Aggregator solution TallyEdge, with the underlying premise of making users the master of their data. We have taken special care to ensure that the user’s data is 100% safe with TallyEdge, with no capability for us to read or store the user’s data at any point. We are also collaborating with FIUs, to discover new customer segments, product experiences and
financial products for MSMEs and Individuals.”

Following the central bank’s directions back in 2016 on AAs, revised in 2021, the AA network was introduced as a financial data-sharing system to facilitate credit and investment, giving consumers access and control over their financial records and expanding the potential pool of users for financial sector entities and fintech companies.

According to the RBI, account aggregators (AAs) are a new class of non-banking financial
companies (NBFCs) that offers account aggregation services — retrieving or collecting information of its customer about their financial assets and consolidating, organizing, presenting it to the customer (for instance a bank) or any other person as per the instructions of the customer — in exchange for a fee. The service could be for purposes such as credit to MSMEs.

The platform plans to partner with Banks, NBFCs, GSTN, insurance companies, payment banks, and others to ensure effortless consolidation and consensual sharing of financial information of small businesses with financial institutions.