Money & Banking

YES Bank bets big on API, blockchain tech

Surabhi Mumbai | Updated on October 15, 2019

The initiative will work towards experimenting, designing and deploying blockchain solutions   -  Getty Images/iStockphoto

Private sector lender YES Bank is upbeat about its API banking platform and blockchain initiatives as part of its transaction banking services. “We have been very active on blockchain...Blockchain will happen when all participants agree to be on it. It is the technology of the future,” said Asit Oberoi, Senior Group President and Global Head, Transaction Banking Group, and Chief Experience Officer, YES Bank.

For API banking, which was launched in 2015, YES Bank now has more than 1,000 clients, he added.

Some of the bank’s API banking clients include Snapdeal and Ola. “As a bank, we have the largest commercial API, and we plan to grow it significantly further,” said Oberoi. YES Bank Managing Director and CEO Ravneet Gill had recently said the bank hopes to grow all three parts of the business – retail, wholesale, and transaction banking. “We have a high-quality tech-enabled retail and transaction bank,” he had noted.

The bank facilitated the first digital issuance of commercial paper issuance using blockchain technology in Asia in July this year. It acted as the issuing and paying agent (IPA) and facilitated issuance of commercial paper of ₹100 crore using blockchain technology for Vedanta Limited.

Oberoi said the bank has a “good pipeline” for such commercial paper issuance, but it will take it forward bit by bit.

In the next version of its blockchain model, YES Bank will try to get more participants such as credit agencies and NSDL on board, he further said. Last year, it had completed a transaction with Welspun Global Brands Limited for e-Presentation, involving end-to-end electronic presentation of export documents through a digital platform built by UK-based Bolero International. In 2017, it had also implemented a multi-nodal blockchain transaction to fully digitise vendor financing for Bajaj Electricals.

Published on October 14, 2019

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