Odisha Prime – CAMSfinserv is working with Microsoft India to develop a robust technology foundation for the Account Aggregator (AA) marketplace in India, to accelerate digital transformation in areas such as credit lending, investment advisory and personal finance management. CAMSfinserv and Microsoft will work jointly to empower the Account Aggregator ecosystem by developing the digital capabilities necessary for stakeholders to seamlessly collaborate with eachotherand drive inclusive financial growth in India.
CAMSfinserv is one of the first licensees to launch the path-breaking Account Aggregator services envisioned for consent-based data aggregation and sharing. Running onthe Microsoft Azure cloud platform, CAMSfinserv’s AA offering will assure users with stringent commitments on uptime and speed of delivery while benefitting from Microsoft’s industry-aligned solutionssupplemented by its strong R&D and product engineering capabilities.CAMSfinserv AA willadopt some of the most stringent standards of privacy, security and data delivery standards that are envisioned by the regulator by integrating Microsoft’s security suite with the core architecture.
Expanding on this initiative, Anuj Kumar, Managing Director CAMS, said“We have been the financial infrastructure for the Indian Mutual Fund industry and have over two decades of experience serving investors and the complex ecosystem while scaling up to build a market-share of over 70% in this arena. The Account Aggregator model represents a brand-new opportunity to make a difference to the rapid financialization taking place in the country. Our relationship with Microsoft is a natural outcome of this quest to deliver gold standards as the Account Aggregator space expands and gains relevance.”
Commenting on the alliance with CAMSfinserv, Sashi Sreedharan, Managing Director Microsoft India said, “We look forward to working with CAMSfinserv to use their financial sector expertise while utilizing 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 and personal finance management. 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.”
CAMSfinserv and Microsoft will 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 to build the adoption of AA.The ongoing technology roadmap will support CAMSfinserv’s Next Generation Product Portfolio and modernize theproduct engineering with Microsoft’s DevOps and power platform solution stack.
CAMSfinserv NBFC- AA, licensed by RBI for Account Aggregator platform, was launched in September 2021 with the participation of five Banks.CAMSfinserv mobile app for consumers on Playstore has garnered the highest downloads. In combination with TSP solutionFinduit from group company Sterling Software, CAMSfinserv offers seamless experience to enterprises on-boarding the AA platform.
CAMSfinservis a wholly owned subsidiary of CAMS (Computer Age Management Services Ltd.) the leading fintech infrastructure provider and India’s largest registrar and transfer agent of mutual funds with an aggregate market share of approximately 70%. CAMS’s Mutual Fund clients include all top five Mutual Funds as well as ten of the fifteen largest funds. The Company is the market leading service partner to Alternative Investment Funds and Portfolio Managers with full-stack digital and fund administration services. CAMS is the primary payments aggregator for Mutual Funds, large NBFCs& Insurers. Services to Insurance companies and eInsurance services are provided via the subsidiary CAMSRep. The company has recently launched the Central Record-keeping services for National Pension System.
About Microsoft India
Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more. Microsoft set up its India operations in 1990. Today, Microsoft entities in India have over 18,000 employees, engaged in sales and marketing, research, development and customer services and support, across 11 Indian cities – Ahmedabad, Bengaluru, Chennai, New Delhi, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, Noida, and Pune. Microsoft offers its global cloud services from local data centers to accelerate digital transformation across Indian startups, businesses, and government organizations.