|Purpose||To clarify the definition of “Reciprocity”|
|Description||The term “Reciprocity” refers to an implicit obligation of a financial services institution to play two roles, in the AA network – that of an FIP and that of an FIU.
Discharging this implicit obligation implies that every financial services institution wishing to join the AA ecosystem as an FIU (a “user” of information) also agrees to be an FIP (a “provider” of information).
The principle of reciprocity being an obligation is to ensure citizens are benefited as also to ensure the usage of the AA network by participants is fair and equitable.
Such an obligation can however only be practically implemented, if a financial institution is the custodian of one or more of the financial information types listed as part of the open API specifications (published by ReBIT).
In the absence of the FIP service being practically implementable, a financial institution may still participate as an FIU, with a clear commitment to implementing its FIP service as and when applicable.
Such a commitment is codified explicitly in the AA Ecosystem Participation Terms, a legally enforceable digital commons meant to standardise behavioural expectations amongst participants.
|Purpose||To clarify recommendations for FI types that are applicable to NBFCs, Depository Participants, RIAs and other currently-FIU-only participants|
|Description||Registered and regulated entities such as NBFCs, Depository Participants (stock brokers), Registered Investment Advisors (RIAs), Insurance Brokers and the like are custodians of information collected or generated during customer interactions on their systems.
Such information could also fall under the purview of “financial information” that a citizen may wish to share, with other financial institutions.
Recommendations for FI types applicable to each such entity type are currently under discussions within the AA community.