Mutual Funds enter the Account Aggregator arena with CAMSfinserv

CAMSfinserv, one of the first RBI licensed Account Aggregators(AA) in India, has announced onboarding of all seventeen AMCs (Asset Management Companies) serviced by CAMS as Financial Information Providers (FIPs) on the AA platform, making it the first in the industry to provide access to mutual fund data.

This integration of Mutual Funds with the CAMSfinserv platform will play a significant role in the development of the AA framework in India. Customers will be able to access and share both their mutual fund holdings and bank account transactions from a single and secure platform, track their investments, identify areas where they can save and make better financial decisions in a more convenient and hassle-free way. This will help Asset Management Companies to attract and retain customers by simplifying the access and management of their financial data, improve risk management, ensure compliance, personalize financial offerings, and improve or innovate existing operational processes.

Commenting on the significant milestone, Mr. Anuj Kumar, Managing Director, CAMS said, "We are extremely excited with ushering the Asset Management industry into Account Aggregator space with the onboarding of all seventeen Mutual Funds served by CAMS on the CAMSfinserv AA platform. This is a seminal event in the development of the AA ecosystem in India, given its potential to uplift the financial experience of the 2.7 crore MF customers we serve."

"Onboarding Mutual Funds will also enable faster and easier loan approvals (like pre-approved Loan against Mutual Funds), updated single view of customer asset information, and better investment recommendations by wealth management platforms. Our innovative solution for Bank validation has the potential to replace ubiquitous penny drop-based bank account verification" Mr. Kumar, added.

CAMSfinserv is leading Account Aggregator in the country with fifty-four entities (Banks, MFs, Insurers, Depositories, GSTN) live on its platform as Financial Information Providers. This gives CAMSfinserv's hundred-plus Financial Information Users (FIUs) unparalleled reach to the Indian Financial ecosystem to pull citizens' data and build end to end seamless digital journeys based on customer consent, to provide cutting-edge, innovative solutions to their B2B2C journeys and offer hyper personalized, sachet solutions backed by reliable data.

While CAMSfinserv provides holistic solutions to FIPs & FIUs through Account Aggregator services, CAMS's subsidiaries Sterling Software and Think360.ai provide Technology Service Provider (TSP) services and Data Analytics services enabling FIPs & FIUs to bring innovative, world-class, consent driven, secure, reliable and highly efficient digital data solutions to the Indian financial ecosystem. Bank Statement Analyser, Personal Finance Manager and GST Analyser are some of the key offerings of the Data Analytics services of Think360.ai.

Shares of Computer Age Management Services Limited was last trading in BSE at Rs. 2498.70 as compared to the previous close of Rs. 2500.80. The total number of shares traded during the day was 2284 in over 460 trades.

The stock hit an intraday high of Rs. 2531.00 and intraday low of 2485.05. The net turnover during the day was Rs. 5733876.00.

Source : Equity Bulls

Keywords

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