Financial Information User (FIU)

Financial Information Users (FIU) receive digitally signed data from Financial Information Providers (FIP) via Account Aggregators. FIU use the data to provide various services to the consumer like loans, insurance, or wealth management.

Data Empowerment a Reality with
the AA Ecosystem

Secure and seamless sharing of data through encryption

User-controlled data sharing with unified consent management

No physical document collection or submission, preventing leakage and misuse

No sharing login credentials with third parties reducing security breach

How to become an FIU?

As per the RBI directive, every entity needs to be a FIP first and then an FIU to ensure the sustainability of the ecosystem. Follow these steps to start your journey as an FIP

01

Get registered with a Financial Service Regulator

Get registered and regulated by at least one of the Financial Service Regulators (FSR), namely — RBI, SEBI, IRDAI, PFRDA.

02

Implement the FIU module

Implement RBI-defined API specifications for your callback API functions. Find the details here published by ReBIT.

03

Test your module

Test your FIU module against one or more of the RBI-approved Account Aggregator Sandboxes.

04

Enrol your module

Make it official by enrolling in the UAT-Central Registry, a directory of all entities that are testing their implementation in the development environment.

05

Get certified

Get your certification showing adherence to Technical Standards prescribed by ReBIT by a Sahamati empanelled auditor. See here

06

Get your details publicised

Get your details added by Sahamati to the Central Registry- a directory of all entities that have gone live on the AA ecosystem.

07

Launch your service

Start connecting with account aggregators and launch your service with customers.

Solutions by Sahamati

Use the following services offered by Sahamati to seamlessly integrate the AA <br> framework within your organisation.

FAQs

Why should a AA or FIP or FIU get certification?

We strongly recommend that FIP/AA/FIU get their implementation certified. It guarantees interoperability, enabling FIPs and FIUs to seamlessly connect with a network of AAs (and vice versa).

Can the Account Aggregator view the customer’s data as it is shared to FIUs?

No. The data being transmitted through the AA is encrypted. Also, AAs are not allowed to store, process and sell the customer’s data. This is designed to ensure AAs do not have a conflict of interest when designing processes to obtain consent for access to user data.

What kind of data can an FIU access through an AA?

Currently only asset based data is available (bank accounts, deposits, mutual funds, insurance policies, pension funds). Other data types are likely to be added over time.