Indian Bank onboards the Account Aggregator Ecosystem

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Indian Bank onboards the Account Aggregator Ecosystem

          This is one the best Press Releases on the Account Aggregator Ecosystem.

          Read Indian Bank’s complete press release @ https://www.indianbank.in/wp-content/uploads/2019/03/Indian-Bank-LIVE-on-Account-Aggregator-System.pdf


         The objective of Indian Bank onboarding the Account Aggregator ecosystem is highlighted in the Press Release

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As a step towards building up and achieving the government’s mission of driving Open Banking in India, Indian Bank, a leading public sector bank of the country, has embarked on the journey of Account Aggregator Eco-System, with the aim of commissioning an avenue to its over 100 million customer base to digitally access and participate in the sharing of their financial data traversing across financial institutions in a secure, efficient and dynamic manner, rejigging investment and credit in the days ahead.

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Indian Bank is both i.e., FIP (Financial Information Provider) and FIU (Financial Information User)

As FIP, Indian Bank will provide the Account Details of its customers to other FIUs, as per existing guidelines.

At the same time, as FIU, Indian Bank may seek account details from other participants in the Account Aggregator ecosystem.  

The initial signups to the Indian Bank AA platform may be the new account holders onboarded through ‘Tab Banking’, channel.

These set of customers are familiar with the benefits of digital banking and may be willing to link their accounts on the AA platform with the least push.

IndOASIS users too may be quickly onboarded to the AA platform, as they are also familiar with benefits of digital banking.

 

IndOASIS is Indian Bank’s mobile banking application available in Google Play Store and iOS App Store for retail users – One App Simple, Integral, Secure.

 Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More - Nothing Less.

The copyrights rest with the original holders only.

 

 

 


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