Indian lender Yes Bank has launched a banking API developer platform to facilitate innovation and product development.
The sandbox platform, dubbed YES Fintech Developer, hosts more than 50 APIs.
YES Fintech Developer will enable participant start-ups, MSMEs, corporates to test APIs with their app in a restricted environment.
On the platform, they can test, train and develop solutions as well as assess potential bank’s API integrations and functionalities. Once tested and validated, the clients can advance to subscribing the APIs.
Yes Bank chief digital officer Ritesh Pai said: “YES Fintech Developer sandbox will create a perfect collaboration opportunity with startups to test emerging solutions such as alternative data-driven banking models, gamified solutions to nudge user behaviour and more.
“Along with this, the platform would showcase our API suite – functionalities, responses with corporate and MSME clients and help them to understand full attributes of our API stack, while enabling faster integration with the Bank’s APIs.”
In your opinion, what presents the biggest operational challenge for FS providers in the COVID-19 crisis?
- Switching to large scale homeworking (51%, 162 Votes)
- Retraining the staff (32%, 102 Votes)
- Changing operating hours of branches and call centres (17%, 54 Votes)
Total Voters: 318
The sandbox will offer access to APIs in four usage categories, namely account management, payments, cards and CRM.
The fifth category, Partner APIs, is expected to launch soon.
Developers, start-ups and corporate partners can join the sandbox through online registration. Upon completion, they can access all APIs in a sandbox.
Yes Bank is the fourth largest private sector bank in India with more than 1,000 branches. Recently, the bank received a binding offer of $1.2bn financing from an unnamed global investor.