3/18/2023 0 Comments Alaunch account![]() Thus, service providers who are custodians of data effectively act as defacto owner of the data,” he said, adding that Account Aggregator is designed to potentially address these challenges. Consumers can find it difficult to share their data as they have only limited options. “Secondly, newly created data are often gathered and retained in proprietary silos and stored in various institutions in incompatible formats. Since this consent is granted for a wide variety of possibilities, it is broad and sweeping in nature,” he said. “Firstly, a service provider usually seeks consent to use and transfer data at time when consumers agreeing to participate in an activity with the service provider. “They face this difficulty for two reasons,” explained Siddharth Tiwari, head of the Bank for International Settlements in Asia and Pacific. But even as individuals and businesses have the right to exercise their control over their data, the current system has made it difficult for consumers to operationalize how they provide consent. Most countries globally already have privacy laws that recognize the rights of individuals. Users get to decide for how long they wish their data to be shared with a particular Account Aggregator participant. Users who provide consent - and it only takes a few taps to do so - will be able to share their financial information from one Account Aggregator participant to another through a centralized API-based repository. The new system makes it possible for banks, tax authorities, insurers and other finance firms to aggregate data of customers - who have provided their consent - to get better understanding about their potential customers, make informed decisions and ensure smoother transactions. The objective of Account Aggregator (AA) is to aggregate all financial information of an individual, said M Rajeshwar Rao, deputy governor of India’s central bank - Reserve Bank of India - at a virtual event Thursday. Four of them are rolling out the system on Thursday others say they will roll out the new system soon.) (Participant banks are HDFC, Kotak, ICICI, Axis, SBI, IndusInd, IDFC and Federal. On Thursday, eight Indian banks announced that they are rolling out - or about to roll out - a system called Account Aggregator to enable consumers to consolidate all their financial data in one place. Scores of firms - including local firms Paytm, PhonePe, CRED and international giants Google and Facebook - in India today support the UPI infrastructure, which is now reporting 3 billion transactions each month.īanks are now ready for their second act. He said subscribers will get priority in mentions, replies and search, receive half as many ads and will be able to tweet long videos and audio.India’s top banks five years ago built the interoperable UPI rails and enabled over 150 million people in the South Asian market to pay digitally. Musk said he plans to give "power to the people" by offering verification to anyone on the platform through Twitter Blue for $8 a month. Other social networks, like Meta's Facebook and Instagram, have similar verification systems. Historically, the checkmark has let readers know that the account is legitimate. In an earlier thread of tweets, Musk criticized the current system, which gives a blue checkmark, or verification, to notable users like politicians, members of the press, executives and organizations. 28, has laid out a series of ideas for a new user verification process for Twitter, which he acquired for $44 billion. New Blue… coming soon!"Įlon Musk, who became the new owner of Twitter on Oct. "The new Blue isn't live yet - the sprint to our launch continues but some folks may see us making updates because we are testing and pushing changes in real-time," she wrote. Esther Crawford, director of product management at the social media company, said in a series of tweets that the new version of the subscription service isn't available for everyone yet, but a "small early group" may see updates to the platform.
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