FinTech PLUS Financial technology
YES Bank has launched the YES Fintech Developer, which it claims to be India’s largest banking API developer platform. With 50+ virtual APIs, the bank also claims it represents the evolution of BFSI technologies to open banking. Through the sandbox, Yes Bank will provide access to APIs across four usage categories–account management, payments, cards and CRM. A fifth category, partner APIs, is expected to be launched soon.
The following operations would come under the ambit of these four usage categories.
Accounts: Account Opening; Account Management; Customer Portfolio
Payments: Beneficiary Management; Fund Transfer; Bill Payment; Recurring Payment
Cards: Credit Card; Debit Card
CRM: Lead management; Customer Service
Not only will the platform showcase the API suite functionalities, it would also help YES Bank clients look at ways to accelerate their integration with their own apps. “It would help our corporate and MSME clients to understand full attributes of our API stack,” informed Ritesh Pai, Chief Digital Officer, YES Bank.
The sandbox is available for all developers, startups and corporate partners, who can register at www.yesdeveloper.in. YES Bank also intends to conduct a series of virtual hackathons and developer jamming sessions on the sandbox platform.
This largest sandbox could help YES Bank customize digital solutions for its clients, allow them to witness multiple banking use cases, and even help them analyse how to tweak around the different banking APIs. Financial start-ups could align with YES Bank to test new solutions like alternative data-driven banking models or gamified solutions to influence user behaviour.
YES Fintech Developer could help BFSI start-ups identify and finalize the appropriate APIs, test these APIs with their own apps in a secure environment and thereby look at smoother integration with their own apps. Often the start-ups are unable to find a conducive environment to experiment with APIs to build new features and capabilities. This could be the ideal opportunity for them to test case their solutions in a live simulation. Once tested and validated, the clients can advance to subscribing the APIs.
More than 100+ YES Bank clients including marquee names like Swiggy, PhonePe, Blackbuck, Myntra and Razorpay are already using YES Fintech Developer for functionalities like instant cashback, in-app fund transfers, customer authentication and custom database management among others.
