Fime has announced that it is now an official certifier under India’s DigiSahamati Foundation (“Sahamati”), allowing it to support the growth of the country’s open banking account aggregator ecosystem.
With TrustAPI+ — its secure cloud-based open API testing tool that allows multiple users to collaborate regardless of their location — Fime is able to help reduce time to market while ensuring standards compliance and a high quality of service while enabling innovation, and lets Indian enterprises learn from some of the open banking challenges encountered by firms in the European market.
With support from Sahamati’s Certification Working Group, Fime’s consultants and testing experts are able to standardize customer onboarding practices, data governance, and security for the account aggregator network.
“Our goal is to help drive the adoption of the account aggregator specifications and facilitate the organic growth of the ecosystem,” said B.G. Mahesh, Co-founder of Sahamati. “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. ”
Additionally, Fime is working with all parties — including both Financial Information Providers and Financial Information Users — in order to test APIs and integrations, paving the way for certification with the Sahamati Certification Framework.
“Data currently exists in silos and can’t be used effectively by individuals or businesses,” commented Angaj Bhandari, India and South Asia Managing Director at Fime. “This initiative is bringing everyone together to enable data sharing, fostering innovation and bringing more valuable products and services for consumers and businesses. Certification is a key enabler, protecting the integrity of the space, the APIs it relies on and ensuring the right parties are involved,” he added.
Registration is currently open for a free July 29th webinar for anyone wanting to learn more about Fime’s work with Sahamati.