Financial Information User (FIU) - Sahamati (2024)

FAQs

Financial Information User (FIU) - Sahamati? ›

Financial Information Users (FIU) receive digitally signed data from Financial Information Providers (FIP) via Account Aggregators

Financial Information User (FIU) – Is an entity registered with and regulated by any financial sector regulator. An FIU consumes the data from an FIP to provide various services to the end consumer e.g., a lending Bank wants access to the borrower's data to determine if the borrower qualifies for a loan.

Sahamati is a Collective of Account Aggregator (AA) ecosystem being set up as a non-Government, private limited company. AA is a process by which information from all of an individual's or household's accounts are collected in one place.

Financial Information User (FIU) can request for data from the Financial Information User (FIP) based on a simple consent given by the Customer on their Account Aggregator handle. Customers can share Data digitally on real time basis.

Financial Information Provider (FIP) are institutions that hold user data. These are the banks, or NBFCs that share customer's financial information with Financial Information User (FIU) via requests through an Account Aggregator.

The accounting process provides financial data for a broad range of individuals whose objectives in studying the data vary widely. There are three primary users of accounting information: internal users, external users, and the government (which is a specific form of an external user).

The RBI has set strict data sharing and privacy rules for the account aggregator framework. All data shared by the ecosystem will have secure digital signatures and be fully encrypted.

With AAs, consumers can access, manage, and share data across all financial institutions (FIs) with explicit, informed consent. What is the process of applying for an NBFC-AA license? Refer to the Master Directive issued by the RBI for complete details on getting an Account Aggregator license (NBFC-AA license).

For example, an online banking service may provide a home page on which account holders can see information from all of their checking, savings, CDs, and brokerage accounts. Personal finance software, apps, and online services like Quicken or Mint also provide account aggregation services.

What does FIU mean in finance? ›

Financial Intelligence Unit (FIU)

The individual's bank just needs to join the Account Aggregator network. Eight banks already have are- Axis, ICICI, HDFC, IndusInd Bank, State Bank of India, Kotak Mahindra Bank, IDFC First Bank, and Federal Bank.

Financial Intelligence Units (FIUs) serve as national centres for the receipt and analysis of suspicious transaction reports and relevant money laundering information, associated predicate offences, and terrorist financing.

FIP provide the financial information pertaining to customers to Account Aggregator (AA) basis of explicit consent of customers. SEBI has specified Depositories as FIP in respect of Securities Market.

A Financial Improvement Plan (FIP) is a description of planned initiatives to be taken during the authorization period to improve the institution's financial position or profitability.

Feline infectious peritonitis (FIP) is a viral disease of cats caused by certain strains of a virus called the feline coronavirus. Most strains of feline coronavirus are found in the gastrointestinal tract and do not cause significant disease. These are referred to as feline enteric coronavirus (FeCV).

Users of financial information are the various individuals, groups, or organizations that rely on financial data to make decisions. These users can be classified into two broad categories: internal users and external users.

Simply put, financial information is anything related to the financial activities and performance of a business. Most often, this information is collected through financial statements or reports that cover a specific aspect of a business's finances, such as cash flow and profitability.

Examples of internal users are owners, managers, and employees. External users are people outside the business entity (organization) who use accounting information. Examples of external users are suppliers, banks, customers, investors, potential investors, and tax authorities.

Primary users of the financial statements are considered existing and potential investors, creditors, and lenders. Primary users obtain financial statement information and allow them to understand the overall health of the company such as its net cash flow status etc.