The Account Aggregator Ecosystem framework went live in Sept 2021. The ecosystem helps lenders to leverage on digital data acquired by taking a consent from the customers, providing them a seamless journey, and eliminating the need of physical documentation.
FIU (Financial Information User) can request for data from the FIP (Financial Information User) based on a simple consent given by the customer on their Account Aggregator handle.
It is a defining moment for the AA ecosystem as Union Bank of India became the First Public Sector Bank to Go live on the Account Aggregator Framework. Union Bank will be both FIP (Financial Information Provider) and FIU (Financial Information User) enabling its customers to share data digitally on real time basis.
Union Bank of India has partnered with Perfios Software Solutions Pvt. Ltd., a Sahamati empanelled TSP, to implement a full-stack solution for Financial Information Providers (FIP) and Financial Information Users (FIU) as per the ReBIT guidelines on the bank's premises.
The development was completed in a record-breaking time of under 3 months. The solution implemented at the bank is highly scalable with capability to process large number of requests. It uses the most stringent IT frameworks and algorithms to ensure security and confidentiality of data.
The solution offered by Perfios seamlessly connects to the NBFC-AA ecosystem and acts as a single point to handle all the comprehensive and tedious integration architectures, helping FIPs and FIUs join the ecosystem.