Cred launches product to track expenses, view total bank account balances

Fintech major Cred on Thursday announced the launch of Cred Money that enables users to have a unified view of all their bank account balances, reminders for recurring payments beyond credit card transactions, and a tool to analyse spends.

The new Cred product will be rolled out to its members in phases starting Thursday, making it one of the first fintechs to launch the offering.

Users of the Bengaluru-based fintech company can use the product’s services without sharing their bank account login credentials or statements, the company said.

For recurring payments such as Systematic Investment Plans (SIPs), equated monthly instalments (EMIs), rent, staff salaries, insurance premiums, among others, the app would send users reminders and updates.

 

The product enables users to analyse spending patterns across multiple bank accounts and search spends by merchant category.

“On the flip side, consumers often miss moments of delight - dividends on forgotten investments, payment reversals, or tax refunds - which they can now easily track and trace. Key updates curate the most important transactions and prevent notification fatigue,” the company said in a statement.

Cred Money is built on the account aggregator (AA) framework that enables users to share their bank account information between authorised organisations.

Cred is a financial information user (FIU) under the AA framework.

FIUs receive digitally signed data from Financial Information Providers (FIPs) with the help of Account Aggregators. FIUs use the data to provide various services to the consumer like loans, insurance, or wealth management, according to Sahamati, a not-for-profit building the AA ecosystem in India.

“For the affluent, managing finances often means more complexities leading to anxiety. We have built a product that improves every affluent person’s relationship with money and makes them less anxious about it through a trusted, insightful experience,” said Kunal Shah, founder, Cred.