Federal Bank has launched an Open Banking platform which enables start-ups and fintech companies to consume the Bank’s APIs and innovate new products and integrate various banking services. This platform will help corporates, fintechs and start-ups create value by way of smart integrations. The Open APIs and a simulated environment to build and test applications will enable aspiring fintech start-ups to create innovative financial solutions.
The Open Banking platform allows entities to explore various APIs which help address various business requirements of fund transfers, smart collections, UPI payments, digital credit or account opening. This will help derive great dividends in terms of digitisation, automation, reduction of manual overhead and errors and improving TAT. The Open APIs and a simulated environment to build and test applications will enable aspiring fintech start-ups to create innovative financial solutions.
Federal Bank has a proven record in deploying the best digital infrastructure for catering to its clientele in the best possible manner. More than 16% of India’s total foreign inward remittances is powered using Federal Bank’s API platform. Integrations with several fintech companies and corporate business houses including Google Pay for its digital credit solutions using this platform are testimony to the benefits it derives.
Current users of Federal Bank’s APIs include Airtel, Seynse Technologies, Google Pay and other key fintech companies, that encourage the development and uptake of APIs.