API is the acronym for Application Programming Interface, which is a software intermediary that allows two applications to interact with each other. For example, each time you use an app like Facebook, send an instant message, or check the weather on your phone, you are using an API.
It serves as an interface between different software programs and facilitates their interaction, similar to the way the user interface facilitates interaction between humans and computers.
API Banking Solutions
BENEFITS
Pay per use: A service based subscription that allows you to pay for what you use.
Flexibility: A flexible infrastructure with
end-to-end capabilities.
Automated: A fully-automated banking
services platform for your enterprise use.
Adaptable: Adaptable to the existing application and customizable to business needs.One time integration: it allows you;
- -Control service level management
- -Governance/monitoring.
- -Reporting
- -Capacity planning
Value added APIs: Value added APIs like eKYC, PAN verification API, Currency rates API, Credit score API etc., create one shop solution for API. It eliminates need to
Banking Partner
1.Yes Bank
2.ICICI Bank
3.Kotak Bank
4.Paytm Bank
5.RBL Bank
6.NPCI [National Payment Corporation of
India]
Products
1.Bhim QR Code Payment Collection
Bharat
Interface for Money (BHIM) is a payment app that
lets you make simple, easy and quick transactions
using Unified Payments Interface (UPI).
2.Bulk Payment – bulk disbursement
solutions
QR code payment is a
contactless payment method where a payment is
performed by scanning a QR code from a mobile app.
... To use a QR code payment the consumers scans the
QR code displayed by the merchant with their phones
to pay for their goods. They enter the amount they
have to pay and finally submit.
3.B2B Smart Collect API – IMPS/NEFT
Generate virtual accounts on demand and accept
payments via NEFT, RTGS and IMPS. Get notified for
each incoming payment and automate the tedious
reconciliation process.
4.Money Transfer – Domestic Money
Remmitence
The money, received by the
BC agent , is transfer processed by the Bank using
National Electronic Fund Transfer (NEFT) and
Immediate Payment service (IMPS) technology.
5.NPCI eMandate and eNACH for Collecting Recurring
Payments
The API based eMandate
authorizes customers to provide eMandate acceptance
using their Netbanking credentials. The service is
also referred to as eMandate through Netbanking. How
Does eMandate Through Netbanking
6.Realtime Bank Account Statement API
Access
Real time payments – also known
as realtime payments , instant payments or immediate
payments– are defined by the Euro Retail Payments
Board (ERPB) as electronic retail payment solutions
that are available 24/7/365. They result in the
realtime, immediate or close-to-immediate interbank
clearing of the transaction and crediting of the
payee’s account with confirmation to the payer
(within seconds of payment initiation).
7.Virtual Accounts & Payment Collection
A virtual account is an account created and assigned
to each of your paying customer, for example, a main
distributor or buyer, so that your company will be
able to differentiate each payment from the payment
source.