ICICI Bank announces API banking portal with 250 APIs

Last Updated: Tue, Jan 14, 2020 19:15 hrs
ICICI Bank

Mumbai: ICICI Bank on Tuesday announced the launch of an API Banking portal with 250 banking APIs, claiming that it was the biggest in the Indian banking industry.

APIs or application programming interface is a a set of instructions that allows third party applications to communicate seamlessly with the bank's technology applications. An API allows customers to engage with the bank in a meaningful manner.

"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. With this, businesses, fintechs, corporates and e-commerce start-ups can easily partner with the Bank and co- create innovative customer solutions in a frictionless manner, all from the convenience of a single portal," said the bank in a notification.

The APIs are available across an array of categories including payments & collections like IMPS, UPI payment/collection, accounts & deposits and cards & loans.

With the launch of an new API library, ICICI bank expects to reduce the time to develop business solution to a few days and simplify digital collaboration processes of the bank. "Typically, an API integration would take a few months," said the bank.

After testing the solution on the sandbox environment, developers can upgrade to the UAT environment for end to end real-time testing, post signing an NDA with the Bank. Additionally, the portal incorporates a detailed workflow for conveniently moving the API solution to the final production stage, thereby eliminating the hassles of manual to and fro.

Speaking on the initiative, Anup Bagchi, Executive Director, ICICI Bank said "ICICI Bank has a legacy of leveraging new technology to bring in path-breaking solutions for the banking industry. The API Banking portal is yet another initiative in this direction. It is envisioned to be the gateway for several prospective partner companies to tie-up with the Bank in a quick and frictionless manner. The portal offers the largest array of instant APIs by any bank in one single place. We believe that the 'ICICI Bank API Banking Portal', will help foster rapid innovation and co-creation with partner. It will also boost productivity for businesses, as they can now partner with us in a short span of time ranging from just a few weeks to few days as compared to the few months taken earlier. We are happy to note the encouraging interest in the partnering with the Bank, with hundreds of developers already co-creating on the portal."

In a note, the bank explained few benefits of the API banking portal:

• Unique 'One-Stop-Spot' for integrating APIs: The portal caters to requirements of all types of entities - businesses, technology developers and aggregators and offers a single place for designing, testing and going live with their business solution, an industry first.

• Pares time, enhances productivity: Reduces the time taken by prospective partner companies and its developers to be able to integrate the APIs to their business solutions to just few weeks to few days thereby enhancing productivity

• Convenient access to APIs: Makes 'API Banking' accessible to a large number of prospective partner companies and developers simultaneously and enables them to partner with the cutting edge technology offered by ICICI Bank

• Detailed workflows for ease of integration: The portal offers a detailed step-by-step workflow to bring in ease and quick understanding of API working and scenarios for developers.