PNB’s account aggregation platform goes live

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Punjab National Bank (PNB), has joined Account Aggregator platform to allow customers to digitally access and share data from one financial institution to another regulated entity.

The AA system helps banks leverage data acquired digitally through customers’ consent. It eliminates the requirement for customers to furnish physical documentation for financial usages.

According to the bank, Punjab National Bank is now the second public sector lender to become a member of the ecosystem. The bank is also acting as Financial Information Provider and Financial Information User (FIU), according to a statement.

A simple consent from customers via their Account Aggregator handle can allow an FIU to request data from FIP.

Union Bank of India, which joined the AA ecosystem earlier this year in May 2018, was also onboard.

The Account Aggregator Ecosystem, which was created in September 2021, has been receiving active participation from both private and public 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, said.

PNB claimed that it also launched preapproved personal loans through its mobile banking app PNB One in 4 clicks.

According to the lender, it was the first public sector bank that offered a loan repayment facility through Bharat Bill Payment System.

An Account Aggregator (AA), a type of RBI regulated entity with an NBFC AA license, allows an individual to securely and digitally access information from any financial institution they have an accounts with to any other regulated financial institutions in the AA network.



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