Punjab National Bank joins the Account Aggregator Ecosystem
Punjab National Bank (PNB) has joined the Account Aggregator (AA) Ecosystem and has gone live as both a Financial Information User (FIU) and a Financial Information Provider (FIP).
The Account Aggregator Ecosystem, which went live in September 2021, has seen active participation from the country’s private and public sector banks. PNB Bank is the ecosystem’s second public sector bank to go live, serving as both a Financial Information User (FIU) and a Financial Information Provider (FIP) (FIP).
The Account Aggregator ecosystem enables the bank to capitalise on data acquired digitally with the consent of the customer, providing them with a seamless journey and eliminating the need for physical documentation. Based on a simple consent given by the customer on their Account Aggregator handle, the FIU (Financial Information User) can request data from the FIP (Financial Information Provider).
The bank’s solution is highly scalable, capable of handling a large number of requests, and employs high-level data encryption for security.
PNB’s MD and CEO, Shri. Atul Kumar Goel stated that the bank is working on a number of commercial use cases that can take use of the AA ecosystem and provide clients with intriguing solutions. This will expand the Bank’s reach in order to better serve its clients with personalised digital goods.
The bank has also recently introduced a Pre-Approved Personal Loan in 4 Clicks and Single OTP via its mobile banking app PNB One. The PNB Bank was the first Public Sector Bank to offer loan repayment through the Bharat Bill Payment System (BBPS).
 has joined the Account Aggregator (AA) Ecosystem and has gone live as both a Financial Information User (FIU).){kind=link}