India’s Federal Bank launches open banking platform
India-based Federal Bank has unveiled its open banking platform for fintech companies to use its APIs for new products and to integrate with its banking services.
Via open APIs and a simulated environment, firms can build and test applications as a route to creating financial solutions.
Users can explore various APIs to help the bank with various business requirements related to fund transfers, smart collections, UPI payments, digital credit or account opening.
The bank, like others around the world, wants to improve digitisation, automation, and the reduction of manual overheads and errors.
According to Federal Bank, more than 16% of India’s total foreign inward remittances are powered using its API platform.
Current users of its APIs include Airtel, Seynse Technologies, Google Pay.
The bank has a branch network of 1,252 branches and 1,684 ATMs spread across the country.