Union Bank of India became the first public sector bank to go live on the Account Aggregator (AA) ecosystem. Union Bank of India has said that it will work both as an FIU and FIP to allow its customers to share data digitally on a real-time basis.
The framework facilitates sharing of financial information on a real-time basis between regulated entities. AAs are licensed by the Reserve Bank of India to enable the flow of data between Financial Information Providers (FIPs) and Financial Information Users (FIUs). Let’s learn more about this in today’s post of the Banking vertical