FIUs: FIU stands for “Financial Information User’. An FIU consumes the data from a FIP to provide various services to the end consumer. E.g., a lending Bank wants access to the borrower’s data to determine if a borrower qualifies for a loan. The lending Bank is the FIU. Banks play a dual role – both as a FIP and an FIU.
FIPs: FIP stands for ‘Financial Information Provider’ – the data fiduciary. FIPs are the institutions that hold your data for E.g., For example, your Bank, NBFC, Mutual Fund Depository, Insurance Repository, Pension Fund Repository, etc.
Who are the participants in this ecosystem? Print
Modified on: Wed, 22 Feb, 2023 at 11:49 AM
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