India’s newly launched Account Aggregator (AA) framework, that will help SMEs and individuals better access financial services, will replicate the success that the Unified Payments Interface (UPI) had in digital payments, Infosys cofounder and Chairman Nandan Nilekani said on Thursday.

Nilekani, who headed an RBI committee on Deepening Digital Payments, said that the launch of the framework will be followed by an uptick in activity as consumers and small businesses will leverage their data to get access to financial services, similar to how UPI grew from 100,000 transaction to over 3 billion transactions a month in the last five years.

“Our experience in technology has been that once all the building blocks are in place, and we are able to get everyone connected on the same platform, then magic happens and things take off,” Nilekani said at an event marking the launch of the AA network. “We saw that with UPI which was launched by the RBI in May 2016.”

India is the first country globally to introduce such a techno-legal framework that allows for the regulated flow of financial data between entities that have information and those that want to use that information to provide services. This will happen through account aggregators and with the consent of the individual owner of that financial data.

As of Thursday eight major banks – State Bank of India, ICICI Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, and Federal Bank – have joined the account aggregator network, representing almost 40% of all bank accounts in the country, iSPIRT said.

Nilekani added that the framework will be applied to other parts of the financial services sector, such as insurance, pension and securities among others things. Moreover, a framework similar to this is being considered for aggregating medical data and health records for easier sharing by individuals when they require access to those services.