Private lender ICICI Bank has launched an API Banking portal, consisting of the maximum number of virtual APIs (application programming interfaces) clubbed by any Indian bank. This portal enables partner companies to co-create innovative customer solutions in a frictionless way and in a fraction of time usually needed for such integration, thereby significantly inflating their efficiency. APIs are a set of instructions, which enable third-party applications to connect with the bank’s various technology applications and collaborate to ensure in new customer propositions.
The ‘ICICI Bank API Banking portal’, which comprises of 250 APIs, enables developers of prospective partner companies around the globe to seamlessly sign up on it, create an application, select the application, test it out and get the sample code. With this, businesses, fintechs, corporates and e-commerce start-ups can easily partner with the bank and co-create innovative customer solutions in a frictionless manner, all from the convenience of a single portal. The usage of ‘ICICI Bank API Banking Portal’ streamlines the process of digital collaboration for a partner company with the bank and slashes the time taken to develop a business solution to a few days. This significantly inflates productivity for partner companies. Typically, an API integration would take a few months.
The APIs are available across a variety of categories namely payments & collections like IMPS, UPI payment/collection, accounts & deposits and cards and loans. After testing the solution on the sandbox environment, developers can level-up to the UAT environment for an end to end real-time testing, post-signing an NDA with the bank. Besides, the portal incorporates a detailed workflow for conveniently moving the API solution to the final production stage, thereby eliminating the hassles of manual to and fro.
The ‘ICICI Bank API Banking portal launch is a step towards bringing in the benefits of ‘Open Banking’ in the industry, which is regarded as a key enabler to drive speedy tie-ups and digitisation in the country.
Speaking on the initiative, Anup Bagchi, Executive Director, ICICI Bank said “ICICI Bank has a legacy of leveraging new technology to bring in path-breaking solutions for the banking industry. The API Banking portal is yet another initiative in this direction. It is envisioned to be the gateway for several prospective partner companies to tie-up with the Bank in a quick and frictionless manner. The portal offers the largest array of instant APIs by any bank in one single place. We believe that the ‘ICICI Bank API Banking Portal’, will help foster rapid innovation and co-creation with a partner. It will also boost productivity for businesses, as they can now partner with us in a short span of time ranging from just a few weeks to few days as compared to the few months taken earlier. We are happy to note the encouraging interest in the partnering with the Bank, with hundreds of developers already co-creating on the portal. “