Pune: Tally Solutions, a leading name in the Business Management Software (BMS) industry, announces the launch of its new endeavor to educate over 6 lakh MSMEs in Pune and across Maharashtra about the benefits of the Account Aggregator (AA) Framework. The AA framework was launched by the Reserve Bank of India in the year 2016 to boost the open-banking ecosystem. Aligned with this, Tally launched its subsidiary, Tally Account Aggregator Services Pvt Ltd, with its product TallyEdge allowing users to effortlessly consolidate all their financial information from various financial entities in one place; with the capability to view or share that information securely, in real-time and only with their consent.
There are over 40 lakh MSMEs in Maharashtra registered with Udayam who can benefit from the account aggregator once on-boarded as part of their digital journey. Ensuring 100% secure digital data access, and consent-based data sharing with financial institutions, TallyEdge will help create easy access to the lending ecosystem and other financial services for these MSMEs. Industry projections indicate a significant credit gap of 25 trillion in the nation, with Maharashtra registering the highest debt demand at 20%. Tally aims to sensitise the MSME ecosystem and raise awareness about the benefits of AA, to mitigate this credit gap.
According to Mr. Samir Dixit, General Manager – West Zone, Tally Solutions, “As a key player in the Business Management Software (BMS) sector, we currently hold a 75% market share in the country and Maharashtra plays a significant role. With TallyEdge, our goal is to further extend our support to MSMEs facing challenges in accessing formal lending. In Pune, we are set to organize a series of awareness sessions in partnership with our allies and industry bodies in the coming months to promote an in-depth understanding of the AA framework and its potential for businesses”.
“With our commitment to further augment the MSME ecosystem, we aspire to onboard nearly 20 lakh businesses in India onto TallyEdge within the next 3 years. TallyEdge provides users with comprehensive control over their data, allowing them to effortlessly approve, reject, pause, or revoke any data-sharing requests. We are confident that through TallyEdge, we will not only strengthen the account aggregator ecosystem in the region but also empower more MSMEs to achieve their growth vision”, added Mr. Vikas Shetty, General Manager – Financial Service, Tally Solution.
In the initial phase, the awareness efforts will cascade through their extensive partner network in the region. Furthermore, the brand looks forward to partnering with large financial institutions to extend its reach. Through these efforts, Tally aims to make a substantial contribution to facilitating the formal lending journey of MSMEs.