How to apply for API Banking services?
December 03, 2019
An increasing number of fin-tech companies now make use of APIs offered by some of the top banks in India. The APIs provide 3rd parties access to the bank’s core customer information, enabling them to offer better products and services. Read this post to know how you can apply for such banking API services in India.
Amid the growing competition in the fin-tech space in India, companies are now looking for ways to cut costs while still being able to offer innovative products and services. A large number of fin-tech companies now make use of Application Programming Interfaces (APIs) to meet the challenging needs of modern consumers. But rather than creating a new API for each of the functions or services, which can prove to be costly, many companies rely on APIs offered by the banking institutions. ICICI Bank not only offers APIs, but also allows developers to create new ones on their platform.
If you are searching for how to apply for API banking, here are the steps you need to follow:
1. Visit the official API portal of the bank
Most such banks in India that offer APIs have dedicated online portals for their API services. To apply for these services, one needs to visit the official portal of the bank and register a new account.
Prefer a bank that offers APIs across multiple categories such as Loans and Cards, Accounts and Deposits, Business Banking, Payments and more. This will make it easier for you to find or create an API that best suits your requirements.
2. Create an account
To register a new account, you will be required to submit details like your name, e-mail ID, mobile number, occupation and name of the organisation. Once these details are submitted, a verification e-mail or OTP will be sent to your e-mail ID/mobile number.
Click on the verification link in the e-mail or enter the OTP to proceed. You can then select a Username and Password for your account which will be used for logging in to the API accessible banking services portal.
3. Account activation
Your account will not be activated after you finish the registration process. Banks ensure that only genuine entities can register and access their developer portal. As a result, every registration request is thoroughly reviewed by the bank, and this can take up to 5 days.
Once your application is verified, you will then be able to log in to the developer portal with your Username and Password. A separate e-mail is sent to inform about account activation.
4. Start using API services
Once the account is verified, you can then start using API banking services. You can browse through all the different types of APIs offered by the bank or developers can also create their custom APIs. The selected or created API can then be incorporated into other applications or services.
Banks also generally have multiple free and paid account plans, and you can select one as per your requirement.
Start using banking APIs today
With the rising popularity of digital banking, the use of APIs will only increase in the future. As banking APIs are still new in India, this can be an excellent time for businesses to understand and start using them. This will not only provide you with a competitive edge, but will also make your services and products future-proof.
Look for a reputed bank to apply for API banking services and create innovative products and services to fuel your growth.
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