Union Bank as first public sector bank to go live on the Account Aggregator framework – Union Bank of India has become the 1st public sector bank to go live on the Account Aggregator (AA) ecosystem 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.
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