The Punjab National Bank (PNB) has an integrated Account Aggregator (AA) platform to help clients digitally access information from a financial institution and share it with other regulated such entities.
The AA system helps banks leverage data that has been digitally captured through customer consent. It thus eliminates the need for physical documentation by a customer for other financial uses.
Punjab National Bank is the second public sector lender to go live in the ecosystem, acting as a Financial Information User (FIU) and Financial Information Provider (FIP), the bank announced on Thursday.
An FIU can request data from the FIP based on a simple consent given by the clients in their account aggregator handle.
Previously, the Union Bank of India inducted the AA ecosystem in May this year.
The Account Aggregator Ecosystem went live in September 2021 and sees active participation from both private and public sector banks.
“Punjab National Bank is working on several business use cases that can leverage the AA ecosystem and offer interesting products to their customers. This will further increase the bank’s reach to offer its clients tailored digital products,” said Atul Kumar Goel, MD and CEO of PNB.
PNB said it has also rolled out pre-approved personal loans with 4 clicks and a single OTP through its PNB One mobile banking app.
The lender said it was the first public sector bank to provide a loan repayment facility through the Bharat Bill Payment System (BBPS).
An Account Aggregator (AA) is a type of RBI-regulated entity (with an NBFC-AA license) that helps an individual securely and digitally access information from a financial institution with which they have an account and share it with anyone other regulated financial institution in the AA to share network.
