Mumbai: Union Bank of India goes live on the Account Aggregator Ecosystem for participating in Govt. of India’s Digital Initiatives. The AA Ecosystem helps the Lenders to leverage 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 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 and which went live in September 2021 and has seen active participation from Banks/NBFCs in the country.
