Summary
Yes, Nance follows regulated and compliant frameworks by using the Account Aggregator system, which operates under RBI-regulated guidelines.
How This Works in Nance
Nance connects to your financial data through the Account Aggregator (AA) framework, a secure and regulated system in India.
1. Account Aggregator Framework
- Nance uses the Account Aggregator system to access your bank data
- This framework is:
- Regulated by the Reserve Bank of India (RBI)
- Designed for secure, consent-based data sharing
- Your data is shared only after:
- Explicit user consent
- OTP-based verification
2. Consent-Driven Data Access
- You control:
- Which accounts are connected
- When access is granted or revoked
- Data access is:
- Time-bound
- Fully transparent
3. Read-Only and Secure
- Nance only receives read-only financial data
- It cannot:
- Move money
- Perform transactions
- All data transfer happens through secure, encrypted channels
4. Compliance with Financial Standards
- The AA ecosystem aligns with:
- RBI regulations for financial data sharing
- It is built to ensure:
- Privacy
- Security
- User control
Important to Know
- Nance does not store sensitive credentials
- Data sharing happens only through regulated infrastructure
- Security and compliance are built into the system design
Regulated access.
User-controlled data.