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Perfios FIP/FIU

As a pioneer in data aggregation services in India, Perfios has created a new category of solutions (like Real-time credit decisioning, Personal Finance Management related products etc.) that leverages the power of aggregation of structured and unstructured data, providing deep analytics on top of the aggregated data.

To help our customers make best use of the recently announced Account Aggregation (AA) framework, we are building full-stack solutions for Financial Information Users (FIU) and Financial Information Providers (FIP). Our expertise in these areas will help our customers cut time and effort of implementation. For our customers who already use Perfios for various digital lending solutions, adding AA as another data source will need little change management or effort.

Moreover, we are working closely with Sahamati – a Collective of the Account Aggregator Ecosystem; Perfios will automatically update FIU and FIP customers’ modules as the ecosystem evolves.

Two fundamental use cases are envisaged at the launch of the AA framework

Lending

  • FIU: Facilitate AA User registration
  • FIU: Place a consent request via consumer for N months of bank statement for loan processing; store the consent copy
  • AA: Present consent requests(s) placed by FIUs, for the AA user’s approval or rejection
  • AA: Allow AA user to edit the consent parameters
  • AA: Generate and send consent to FIPs
  • FIP: Receive consent artefact for a consent request approved by the consumer
  • FIP: Encrypt and format data as pe standardize data schemas
  • AA: Receives encrypted data and shares it back to FIU
  • FIU: Receives encrypted data; decrypts and uses data for decision making on loan approval

PFM

  • FIU: Facilitate AA User registration
  • FIU: Place a consent request via consumer for periodic data fetch until consent expiry; store the consent copy
  • AA: Present consent requests(s) placed by FIUs, for the AA user’s approval or rejection
  • AA: Allow AA user to edit the consent parameters
  • AA: Generate and send consent to FIPs
  • FIP: Receive consent artefact for a consent request approved by the consumer
  • FIP: Encrypt and format data as pe standardize data schemas
  • AA: Receives encrypted data and shares it back to FIU
  • FIU: Receives encrypted data; decrypts and uses data for PFM

Glossary

  • FIP – Financial Information Provider: Bank, NBFC, AMC, depository, depository participant, insurance company, insurance repository, pension fund
  • FIU – Financial information user: an entity registered with and regulated by any financial sector regulator;
  • AA – Account Aggregator
  • FSR – Financial Sector regulator; RBI, SEBI, IRDAI, PFRDA
  • CR – Central Registry: A centrally hosted (under one of the FSRs) repository of Key/Certificate of FIU, FIP & AAs

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