Onboarding Procedure for Moneyone

Onboarding Procedure for Moneyone

Onemoney is India’s First Account Aggregator, licensed by RBI.  To assist FIUs and FIPs easily onboard onto the AA ecosystem, Moneyone, the mother company of Onemoney, provides two products, FinPro for FIUs and FinShare for FIPs, on Cloud or on Premises or Private Cloud.

Prerequisites for participating in the AA Ecosystem

  • Only organizations directly or indirectly regulated by one of the four regulators, viz. RBI, SEBI, IRDA or PFRDA.  Further, they must be certified as per procedure published by Sahamati, the self-regulatory organization (SRO) of the AA Ecosystem
  • Due to the principle of data reciprocity an FIU must agree to be an FIP.  Whether as an FIU or FIP, data exchanged is as per the data types and schema declared by RBI
  • FIUs and FIPs must have products and portals like FinPro (for FIUs) and FinShare (for FIPs) which perform the following functions:
  • Raise, receive, and decipher Consent Requests and Consent Artefacts that are core to information exchanges between FIPs and FIUs through AAs
  • Encrypt and Decrypt financial data as per tech standards published by RBI
  • Understand and perform all rules of using the data received or sent through AAs

Steps for onboarding FIU onto the AA Ecosystem

  • During the initial onboarding process in Onemoney developer portal you will be assigned an Organisation Id and will be presented with a choice to select either Moneyone or Onemoney sandbox
  • For FinPro data APIs and SDK please select the Moneyone sandbox. For Onemoney sandbox and SDKs please select Onemoney Sandbox
  • Once you subscribe to Moneyone sandbox you need to set up your app from Manage app menu and generate app API keys from the settings menu. If you subscribe to Onemoney sandbox you need to set up network API keys
  • You can also create your own accounts and data in the developer portal.
  • Manage data – Sandbox comes with an option of a personal mode, preset mode and design mode for creation of test (or dummy) data. Click here to learn more on the data modes.
  • Identify changes if any in your consumer onboarding process and develop best UX strategy for integration with UX assets offered by Moneyone FinPro and Onemoney
  • Integrate with Moneyone FinPro SDK or Onemoney SDKs for end-to-end smooth customer journey
  • Write to our business team led by our CEO, kp@onemoney.in, sharing basic details of your use case, and seek pricing framework and business agreement
  • Discuss and finalize pricing and the agreement with our business team
  • For participation in the AA ecosystem you need to get certified by the agency specified by Sahamati. We, the Onemoney Group, will assist you in this process.
  • As an FIU you need to register FIU entity details in the central registry with Sahamati help
  • White listing of IP addresses of FIU systems in other AAs firewall and white listing of AAs systems IP addresses in FIU firewall

    Note: The detailed steps for this are given here
  • Pay the amount specified in the agreement to setup FinPro on cloud and get FIU certified as per Sahamati certification requirements
  • Co-ordinate with Onemoney product team led by venky@onemoney.in for interoperability testing of your FIU modules with different AAs
  • Complete the UAT and make final changes to ensure successful transition to production

Steps for onboarding FIP onto the AA Ecosystem

  • Gain a basic understanding of the AA Ecosystem – resources given in the Onemoney Group Resource document attached.
  • For participation in the AA ecosystem you need to get certified by the agency specified by Sahamati.
  • As an FIP you need to register FIP entity details in the central registry with Sahamati help.
  • White-listing of IP addresses of FIP systems in other AAs firewall and white-listing of AAs systems IP addresses in your FIP firewall.

    Note: The detailed steps for this are given here
  • FIP needs to provide the below mentioned APIs to be on boarded as an FIP.
  • Discover Accounts: This API enables FinShare API gateway to discover accounts belonging to a customer based on customer identifiers. A list of masked account numbers are returned based on identifier matching logic at FIP gateway.
  • Authentication OTP: This API must send OTP token to FIP customer’s registered mobile number to complete the account linkage process.
  • Validate OTP: This API is used to validate the OTP entered by the customer on account aggregator application.
  • Summary API: This API returns the basic account details and current balance of the specified account.
  • Transaction API: This API returns the deposit transactions of the specified account for a specified date range.
  • Profile API: This API returns a basic profile of the customer which includes name, mobile number, Email ID, Date of Birth, PAN etc.
  • Establish connectivity with Moneyone FinShare FIP module and help Moneyone team in integrating Moneyone FinShare with core banking APIs exposed by the FIP
  • Co-ordinate with Onemoney product team led by venky@onemoney.in for interoperability testing of your FIP modules with different AAs.
  • Complete the UAT and make any final adjustments or changes to ensure successful transition to production.