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
Pay per use: A service based subscription that allows you to pay for what you use.
Flexibility: A flexible infrastructure with
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
- -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
6.NPCI [National Payment Corporation of India]
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
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
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
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
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.