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Union Bank of India joins account aggregator system

May 06, 2022

Union Bank of India joins account aggregator system
The Account Aggregator Ecosystem structure went live in Sept 2021. The environment assists loan specialists with utilizing advanced information procured by taking an assent from the clients, giving them a consistent excursion, and wiping out the need for actual documentation.

FIU (Financial Information User) can demand information from the FIP (Financial Information Provider) in light of a basic assent given by the client on their Account Aggregator handle.
 
It is a pivotal turning point for the AA environment as Union Bank of India turned into the First Public Sector Bank to Go live on the Account Aggregator Framework. Association Bank will be both FIP (Financial Information Provider) and FIU (Financial Information User) empowering its clients to share information carefully on ongoing premise.
 
Association Bank of India has banded together with Perfios Software Solutions Pvt Ltd, a Sahamati impaneled TSP, to carry out a full-stack answer for Financial Information Providers (FIP) and Financial Information Users (FIU) according to the ReBIT rules on the bank’s premises.
 
The improvement was finished in a record-breaking season of under 90 days. The arrangement executed at the bank is profoundly versatile with the capacity to handle an enormous number of solicitations. It utilizes the most severe IT structures and calculations to guarantee security and classification of information.
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