Banks are allowing developers, technology companies and fintech players to plug into their core banking systems to offer new products and services.
Mutual fund investors have always found it tedious to get redemption money instantly credited to their bank accounts. It usually took a couple of days. That, however, is a thing of the past for investors of LIC Mutual Fund and DSP Blackrock Mutual Fund. These fund houses can now pay liquid fund unit holders right away. The entity that has made this possible is an old-generation private sector bank, RBL Bank, which, in collaboration with technology team of mutual funds, came up with a solution. It opened its core banking system via Application Programming Interface (API), a set of routines, protocols and tools for building software applications. The open API offered by RBL enabled the fund houses to give an integrated and seamless process to initiate payments for their customers.
Similarly, when a Mumbai-based travel and tours firm with a large number of sub-agents faced frequent cases of late air ticket issuance resulting from delayed information from sub-agents on fund receipts, YES Bank came to the rescue. It joined hands with developers to fix the problem and now facilitates quick ticket issuance and seat blocking by validating the travel company’s sub-agents prior to real-time fund processing. YES Bank has also been proactive in helping corporate clients use APIs to connect banking systems to their Enterprise Resource Planning software. For the clients, this translates into a seamless and secure interface to manage cash payables and receivables. Here too, API is allowing the technology of the two entities – the bank and its corporate clients – interact without human intervention.
YES Bank and RBL Bank are part of a new trend where banks are opening up their core systems to allow developers and financial technology companies to plug in and improve the customer experience.
BANK APP STORE
هذه القصة مأخوذة من طبعة November 19, 2017 من Business Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة November 19, 2017 من Business Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Pension Scheme - Safety Net
The move to introduce the UPS has evoked mixed reactions. Analysts believe its funding will have limited impact on the fiscal math
The Reit Choice?
Real Estate Investment Trusts (Reits) Are Gaining Traction As Interest Rates Stabilise. But Returns Could Be Affected By Adverse Economic Conditions And Market Volatility
CORPORATE - Calling to Account
The sudden exit of Byju's auditor BDO marks the latest in a long series of setbacks for the edtech firm
EMPLOYMENT: Skills Push
The skill development ministry plans to partner with the UGC to improve the employability of undergraduates
Building on a Vision
L&T'S CHAIRMAN EMERITUS A. M. NAIK HAS BUILT A MAMMOTH ENTERPRISE THAT IS BUILDING A NEW INDIA, FROM ITS METRO RAIL SYSTEMS TO THE RAM TEMPLE
"KYS more important than KYC"
Vijay Kedia is a renowned equity investor; the value of his listed portfolio stands at around ₹1,750 crore
ROXX STAR
THE THAR ROXX COMBINES LUXURY WITH PERFORMANCE TO MAKE A STRONG STATEMENT IN THE MID-SIZE SUV SEGMENT
HIT THE GROUND RUNNING
Smartwatches have become indispensable tools for runners, offering real-time insights into pace, distance, heart rate, and more. Here are a few you can consider
TURNING THE TABLES
INDIA'S FURNITURE MARKET IS POISED FOR A GLOBAL TAKE-OFF. ALREADY, A HOST OF GLOBAL BRANDS HAVE MADE THE COUNTRY THEIR HOME, BUT INDIAN COMPANIES ARE NOT TOO FAR BEHIND
THE EVOLUTION OF ATHERA
IDENTIFYING OPPORTUNITIES IN ADVANCE HAS STOOD THIS BENGALURU-BASED VC FUND IN GOOD STEAD. NOW, WITH A HEIGHTENED FOCUS ON TECHNOLOGY, IT WANTS TO SUSTAIN THE SUCCESS