Axis Bank has launched open APIs (Application Programming Interface) to facilitate its retail and corporate customers/ partners to use banking services integrated across partner platforms.
The API Banking portal has a suite of API products covering 200 plus retail APIs across cards, deposits, accounts, loans, 51 corporate APIs across payments, trade, collections, bill payments as well as cross-cutting APIs, India’s third largest private sector bank said in a statement.
The corporate API product suite will allow companies across e-commerce, food delivery, payment solutions and other businesses to offer financial settlements and other secure financial transactions from their own ERP platforms, it added.
The bank underscored that APIs, which are in line with its open banking philosophy, cover banking transactions that corporates do with their partners and customers on a daily basis pertaining to payments, refunds, payout reconciliation & account management and trade finance, besides other transactions.
Embedded digital systems
Further, the APIs will allow Axis Bank’s banking solutions to get embedded via direct integration with the customers’ digital systems, without the need for a net banking interface.
Sameer Shetty, President and Head – Digital Business & Transformation, Axis Bank, said: “With these latest API banking offerings, we look forward to collaborate and co-create with partners, to offer an enhanced user experience and simplify their day-to-day operations.”