Financial Information Users (FIU) in the AA Ecosystem

15 Apr 2022

The Account Aggregator (AA) Framework is ushering in a new model for data governance and empowerment in India. It will restore ownership and control over financial data back to the users, enabling them to share this data (in a machine-readable format) with parties interested in providing them with a range of services.

These interested parties – called Financial Information Users (FIUs), like banks, lending agencies, NBFCs, etc. can receive digitally signed data from Financial Information Providers (FIPs). FIUs can use the data for purposes declared in the Consent Artefact or data-sharing agreement.

Participants in the AA Ecosystem

Want to become an FIU in the AA ecosystem? Here are steps to do it:

  1. Get registered by any FSR

According to RBI’s Account Aggregator Master Directive, entities who want to become FIUs need to be registered and regulated by at least any one of the Financial Service Regulators (FSR), namely — RBI, SEBI, IRDAI, PFRDA.

  1. Implement the FIU module
    Find the details and specifications published by ReBIT. There are RBI-defined API specifications that FIUs need to implement for their callback API functions.
  2. Test your FIU module 
    Test your FIU module against one or more of the Account Aggregator Sandboxes. These sandboxes are made by RBI-approved Account Aggregators like OneMoney, FinVu, NADL and more. 
  1. Enrol your FIU module
    Make it officially known that you’re testing. Enrol your module in the UAT-Central Registry, a directory of all entities that are testing their implementation in the development environment.
  2. Get certified
    Sahamati, the Collective of AA ecosystem gives an authorised panel framework to help you get your FIU module Certified. We strongly recommend to get your implementation certified with one of the empanelled certifiers.
  3. Start connecting and launch your services
    Get the FIU module details added by Sahamati to the Live Central Registry, which is a directory of all entities that have gone live on AA ecosystem. Start connecting with account aggregators and launch your service with customers.

The current list of FIUs is listed here.