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    Home » Union Bank of India goes live on Account Aggregator system
    Banking

    Union Bank of India goes live on Account Aggregator system

    Union Bank of India has  become the first public sector bank to go live on the Account Aggregator ecosystem for participating in Govt. of India’s Digital Initiatives.
    May 3, 20221 Min ReadBy editor
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    Union Bank of India has  become the first public sector bank to go live on the Account Aggregator ecosystem for participating in Govt. of India’s Digital Initiatives.

    The account aggregator ecosystem helps the lenders to leverage on digital data acquired with the consent from the customers for providing them a seamless journey and eliminating the need of physical documentation. Financial Information User (FIU) can request for data from the Financial Information User (FIP) based on a simple consent given by the Customer on their Account Aggregator handle.

    Union Bank of India said that it endeavors to work both as FIP and as FIU enabling its customers to share data digitally on real time basis. Union Bank has implemented the technology stack as per the Reserve Bank Information Technology (ReBIT) guidelines.

    The Account Aggregator (AA) Ecosystem which went live in September 2021 has seen active participation from Banks/NBFCs in the country.

     

    Account Aggregator Digital Union Bank of India
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