Union Bank of India became the first public sector bank to go live on the Account Aggregator (AA) ecosystem, the bank said on April 29, which facilitates sharing of financial information on a real-time basis between the regulated entities.
Reserve Bank of India licensed Account Aggregator (AA) ecosystem in order to enable the flow of data between Financial Information Providers (FIPs) and Financial Information Users (FIUs). The Account Aggregator Ecosystem aims to help the Lenders to leverage Digital data acquired with the consent of the Customers for providing them with a seamless journey and eliminating the need of physical documentation.
