CAMSfinserv, Microsoft India to develop technology foundation for Account Aggregator ecosystem

Chennai: CAMSfinserv, a wholly owned subsidiary of Computer Age Management Services Ltd (CAMS), on Thursday said it has collaborated with IT giant Microsoft to develop a robust technology foundation for the Account Aggregator marketplace to accelerate digital transformation in the country.

CAMSfinserv and Microsoft would work jointly to empower the Account Aggregator ecosystem by developing the digital capabilities necessary for stake holders and drive inclusive financial growth.

CAMSfinserv in a statement said it was one of the first licencees to launch the Account Aggregator services envisioned for consent-based data aggregation and sharing.

Running on the Microsoft Azure cloud platform, CAMSfinserv's Account Aggregator would assure users with stringent commitments on up time and speed of delivery while benefitting from the Microsoft's industry-aligned solutions.

"We have been the financial infrastructure for mutual fund industry and have over two decades of experience serving investors and the complex ecosystem while scaling upto build a market share of over 70 per cent in this arena. The Account Aggregator model represents a brand-new opportunity to make a difference to the rapid financialisation taking place in the country", CAMS managing director Anuj Kumar said.

"Our relationship with Microsoft is a natural outcome of this quest to deliver gold standards as the Account Aggregator space expands and gains relevance", he said.

CAMSfinserv AA would adopt some of the most stringent standards of privacy, security and data delivery standards that are envisoned by the regulator by integrating Microsoft's security suite with the core architecture.

"We look forward to working with CAMSfinserv to use their financial sector expertise while utilising the power of Microsoft Azure to break down data silos and enhance customer experiences through comprehensive automation in areas such as credit lending, investment advice", Microsoft India, managing director, Sashi Sreedharan said.

"As technology enables the BFSI industry to reimagine every aspect of their services, we are pleased for this opportunity to contribute towards this initiative in driving inclusive financial growth in India," he said.

CAMSfinserv and Microsoft would collaborate to sharpen the Account Aggregator value proposition and reduce the time-to market for new capabilities as they jointly pursue opportunities in the BFSI sector, the statement added.