It helps the Lenders\Service Providers to leverage on Digital data acquired with the consent (Sahamati) from the Customers eliminating the need of physical documentation .Data cannot be shared without the consent of the individual.
Participants in the Account Aggregator Ecosystem
- Account Aggregator
- Financial Information Provider (FIP) & Financial Information User (FIU)
Bank of India is live on the Account Aggregator Ecosystem both as FIP and FIU. 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.
Customers can share Data digitally on real time basis. The framework is as per the Reserve Bank Information Technology (ReBIT) guidelines and follows data privacy and encryption standards.
Bank has onboarded Perfios Account Aggregation Services (P) Ltd (Anumati). for providing consent manager. Below are the steps to register: