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MUMBAI: Union Bank of India has become the first public sector lender to go live on the account aggregator ecosystem, a part of the government’s digital initiatives to improve credit delivery.
The account aggregator ecosystem helps lenders leverage digital data acquired with the customer’s consent to provide seamless service without physical documentation.
Any financial information user (FIU) can request data based on a consent given by the customer on their account aggregator handle.
“Union Bank of India endeavours to work both as financial information provider and as FIU enabling its customers to share Data digitally on a real-time basis. UBI has implemented the technology stack as per the Reserve Bank Information Technology (ReBIT) guidelines,” the bank said.
The account aggregator (AA) ecosystem went live in September 2021 and has seen active participation from Banks/NBFCs in the country.
The account aggregator ecosystem helps lenders leverage digital data acquired with the customer’s consent to provide seamless service without physical documentation.
Any financial information user (FIU) can request data based on a consent given by the customer on their account aggregator handle.
“Union Bank of India endeavours to work both as financial information provider and as FIU enabling its customers to share Data digitally on a real-time basis. UBI has implemented the technology stack as per the Reserve Bank Information Technology (ReBIT) guidelines,” the bank said.
The account aggregator (AA) ecosystem went live in September 2021 and has seen active participation from Banks/NBFCs in the country.
