PNB’s account aggregation platform goes reside
2 min readPunjab National Bank (PNB) has on-boarded Account Aggregator (AA) platform to assist clients digitally entry and share info from one monetary establishment to different regulated such entities.
The AA system helps banks leverage knowledge acquired digitally by means of clients’ consent. It thus eliminates the necessity for bodily documentation furnishing by a buyer for different monetary usages.
Punjab National Bank is the second public sector lender to go reside within the ecosystem, performing as Financial Information User (FIU) and Financial Information Provider (FIP), the financial institution mentioned on Thursday.
An FIU can request knowledge from the FIP based mostly on a easy consent given by the purchasers on their Account Aggregator deal with.
Before this, Union Bank of India onboarded the AA ecosystem in May this 12 months.
The Account Aggregator Ecosystem went reside in September 2021 and it has been seeing lively participation from personal and public sector banks.
“Punjab National Bank is working on multiple business use cases, which can leverage the AA ecosystem and offer interesting products to its customers. This will further enhance the outreach of the bank to provide customised digital products to its customers,” Atul Kumar Goel, MD and CEO of PNB, mentioned.
PNB mentioned it has additionally launched pre-approved private loans in 4 clicks and a single OTP by means of its cellular banking app PNB One.
The lender mentioned it has been the primary public sector financial institution to offer a mortgage compensation facility by means of Bharat Bill Payment System (BBPS).
An Account Aggregator (AA) is a kind of RBI regulated entity (with an NBFC-AA license) that helps a person securely and digitally entry and share info from one monetary establishment they’ve an account with to every other regulated monetary establishment within the AA community.