ICICI Bank has announced the launch of its API Banking portal, which it says consists of the maximum number of virtual application programming interfaces (APIs) put together by any Indian bank.
The portal is designed to enable partner companies to co-create customer solutions in a fraction of time usually taken for such integration. APIs are a set of instructions, which enable third party applications to communicate with the bank’s various technology applications and collaborate to bring in new customer propositions.
The ‘ICICI Bank API Banking portal’, which consists of 250 APIs, enables developers of prospective partner companies across the globe to seamlessly sign up on it, create an application, select the application, test it out and get the sample code.
The APIs are available across an array of categories, including payments and collections such as India's Immediate Payment Service (IMPS), UPI payment/collection, accounts and deposits, and cards and loans. After testing the solution in a sandbox environment, developers can upgrade to the UAT environment for end-to-end real-time testing, after signing an NDA with the bank. Additionally, the portal incorporates a detailed workflow for moving the API solution to the final production stage.
The bank says that prospective partner companies from across the globe and their developers can build, test and go live with business solutions across the variety of banking services using any API that fits their needs.
India looks further afield for corporate funding sources
The government is reported to be in talks with foreign lenders, as India’s banking system might not provide the US$14.5bn sought
Citi APIs for treasury services reach new milestone
The bank says that it has processed over 150 million calls globally.
HSBC Treasury APIs target seamless corporate fund transfers
The bank has launched the APIs in 27 markets.