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, SeynseTechnologies, Google Pay and other key fintech
companies, that encourage the development and uptake of APIs. For details,
please visit https://developer.federalbank.co.in/.
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