Linked Financial Accounts

Financial accounts (current, savings, fixed deposits, recurring deposits, insurance accounts, mutual fund accounts, e.g.) have to be linked by consumers, as a one-time activity, to their Onemoney profile. The typical flow involved in this is as follows:

  • A consumer selects a financial institution that he has an account with.
  • Onemoney sends a “discovery” request to the financial institution, sending an ID of the consumer that the financial institution (FIP) recognizes the consumer with. Typically, this would be a mobile number for banks but it could vary from one institution to another.
  • The FIP returns details of accounts it finds, based on the identifier provided.
  • The consumer requests one or more of these accounts to be linked to his Onemoney profile.
  • Onemoney relays the request to the FIP, which, in turn, authenticates the account owner before authorizing the linking request. The authentication factors to be used are determined by the FIP. It could be an OTP sent to the registered mobile number or alternatively, verifying internet banking credentials. This is a one-time process.

This completes the process of linking of financial accounts.

Important note: The consumer retains the control of deciding which of his linked financial accounts to include in a particular consent request.

Particular Product Instance

A "product" refers to the product that you, the FIU, would like to offer your customer and for which you need consent-backed data of the customer. This could be a particular loan type or the name of a specific PFM service that you would like to offer.

The "product instance" refers to the instance of a product or service actually being offered for a particular customer. This is also known as the Account ID in the FinPro API signature and refers to a loan application ID or any ID you use to refer to a particular customer’s subscription to your service.

This ID is used by FinPro for traceability purposes. Any consent request generated through FinPro can be traced back to a particular loan application or customer ID through this attribute.