India Stack and the Role of Account Aggregator by Sanjay Jain
In our masterclass series held during the first Account Aggregator Hackathon, Sanjay Jain, Partner, Bharat Innovation Fund walks us thru IndiaStack.org - identity (Aadhaar), payments (UPI), data (Account Aggregators).
Showing posts with label API. Show all posts
Showing posts with label API. Show all posts
Open House Session #3 on OCEN's API Specifications
On 7th August 2020, iSPIRT hosted the third open house on Open Credit Enablement Network (OCEN). This session featured a deep dive into the underlying OCEN API flows, covering different entity interactions in-depth and addressing common technical queries.
To recap, OCEN (O-Ken) is a new paradigm for credit that seeks to provide a common language for lenders and marketplaces to build innovative, financial credit products at scale.
In the previous session, we shed light on several potential Loan Service Provider (LSP) products and business cases. We also talked about the various opportunities for ecosystem participants across an OCEN-enabled cash flow lending value chain.
This week we dove into the API flows that make up the standardised end-to-end process of applying for a loan via an LSP, also illustrating how Account Aggregators will fit into this reimagined value chain. Our volunteers also covered the role of CredAll which is a collective of lending ecosystem players to drive cash flow based lending.
The third session on OCEN covered the following topics broadly, and the entire webinar is also available on our official Youtube channel:
Siddharth Shetty: An introduction to iSPIRT and our values
Ankit Singh: Recap of what OCEN is, and how LSPs fit in to the framework
Query 1: Is OCEN aggregating and sending loan applications to different lenders or does LSP make API requests with each lender separately?
Query 2: Are all API calls asynchronous? Are there Turnaround Time SLAs for the different services?
Query 3: Architecture diagrams - General LSP and Sahay GST
By Sudhanshu Shekhar
Query 4: API flow sequence diagrams
Query 5: How do I represent other loan products?
By Ankit Singh
Query 6: Using OCEN APIs and becoming an LSP
CredAll - a collective of lending ecosystem players
After the presentation, our volunteers answered some questions from the community including:
- What is the role of LSPs in the collections process?
- What is the difference between an LSP and a TSP?
- How does the Common Pledge Registry fit in?
As always, in order to successfully create a new credit ecosystem for Bharat it will take the collaborative effort of participants from every corner of our fintech ecosystem.
Aadhaar Applications Opportunity Space
Aadhaar is designed bottom up as a platform for both government applications as well as innovation applications from diverse developers. Developers can look at building compelling applications that leverage the Aadhaar platform. The developer community need to be encouraged to promote the development of applications that utilize the open Aadhaar APIs.
Digital India | Resources are public good
Digital India | Resources are public good
Digital India has adopted open government policy and standards. Accordingly, Digital India Resources both infrastructure and data are open and available for public consumption through open API and open Government data.
The Open API
Technically each of the above layer is built and operated as an API. These layers are collectively called Indiastack. Indiastack API are open. By open we mean that public can access these APIs and build commercial apps or customised apps for their institutional purpose.
Example: An institution can use Aadhaar API to build a custom attendance system for its students or employees
An enterprise can use Digilocker API to manage documents
A business can use UPI for building an app for salary disbursement
Digital India | Open Government Data
Under open government data policy all data collected by using public funds is available for public access and use. Citizens and enterprises can access data, analyze, use it for innovative purposes
Building on IndiaStack - India's Public Goods
IndiaStack is the Public Goods and is equally potential for innovative possibilities and industry creating new products.. It is time for entrepreneurs to consider it as a resource for developing products and services that meet the needs of Indian population and create new industry altogether.
Digital India Platform
Digital India Platform
Digital India is a new platform. It is a technology platform. Future of India and its citizens will happen. The Indian government has created Digital India Platform for reaching out every citizen online and deliver citizen services electronically. Hence awareness of Digital India movement, it's scope and services must be there for every Indian. Be one living in cities or deep rural India. Be a housewife or a student or a shopkeeper or an entrepreneur. Digital India is all inclusive and is for every Indian irrespective of gender and geography or age or area. It is universal. Digital India is everyone's concern and reality. Hence the first purpose of this book to change this low ratio of Indian residents using Digital India resources and make them aware of these resources and encourage them to start using them in their daily life.
Digital India platform is the digital foundation built for serving residents digitally. It aims to deliver resident services online and electronically. It is a software platform on which government departments use to develop and deploy digital services. The platform is also open for public participation and contribution. Public can access government data using Open Data and functionalities through Open APIs
This resource intends to put the Digital India resources at the center of every Indian’s working and personal day- today life and transform her into a empowered Digital citizen.
The creation of digital infrastructure design of India Enterprise Architecture ,open API ( India Stack and National Health Stack) and Open Government Data has resulted in what is called Digital India Platform. Platform create an ecosystem for both government and business for delivering services to population
Features of Digital India Platform
Digital India Platform is electronic and online
Purpose of Digital India
It is an electronic and online platform It is built by the government India and hence its first use is in delivering citizen services. However, the digital platform is open and hence it can be used for business efficiency or even for entrepreneurial ventures.
Advantages of Digital India Platform
Digital India is an online and electronic platform. Hence it provides a number of advantages to government and residents. First of all it enables the government to deliver citizen services electronically and online. Residents can avail services from anywhere in the country by gettinting connected to the Internet. It also helps the government to change from paper-based and office-bound service model to paperless and anywhere, any time service delivery model.
Paperless India : How Digilocker will change our Life ?
How Digilocker will change our Life ?
Digital India Citizen Service is Paperless
The paperless layer enables a resident record to associated one's online identity (Aadhaar) and stored on cloud storage system. Records can be shared digitally.
Example: students get their marks sheets directly to their digilocker accounts. They can share it with colleges where they seek admission
Residents can pull digital copy of Aadhaar card or driving license into their digilocker account and show it to authorities when demanded
Digilocker is a cloud based resident document management system. It is a platform for issuance and verification of documents and certificates. A resident can create a Digilocker account and get it linked with Aadhaar number. Government documents and personal records are directly issued to resident’s Digilocker accounts. A resident can share documents with other agencies and can also e_sign them. This is the foundation for paperless citizen services.
For instance, in a traditional college admission environment, a considerable amount of manual paperwork is involved. Not only does this overload the administration, it also doesn’t effectively solve the often-encountered problems of fake documents and identity misuse. By utilising IndiaStack APIs like DigiLocker, the entire system of documentation can be transferred to a presence-less and paperless Aadhaar-enabled secure digital platform, wherein documents are uploaded and authenticated by the student using eSign and the access is consensually granted to the administration department of the college, thereby improving end-to-end efficiency, convenience, and authenticity considerably
The Importance of India Stack
The Importance of India Stack
BackGround
Government and business exist to serve their service seekers. In the case of government service seekers are the citizens. In case of business they take different names- customers, consumers ,passengers, learners and many more.
With the advent of Digital India, the government has a vision to serve citizens electronically and online. Towards this, it has built a robust digital infrastructure and an assorted set of basic services to realise it's digital service delivery dream.
A citizen service life cycle consists of one or more or all of the following stages
1. Identifying a citizen uniquely
2. Exchange of documents to verify eligibility , issuing of documents related to a service
3 Seeking consents , sending signed approvals or certificates and more
The set of assorted services mentioned above are deployed towards carrying out these stages
Aadhaar number uniquely identifies Indian residents. It is an online system
Digilocker is used to deliver documents to residents. This is a cloud based system
E-signs is used to seek resident consents and share official approvals.
UPI helps to conduct online transactions
Together they enable the Government to deliver citizen services online and electronically.
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