Federal Bank initiates Open Banking Platform for fintech cos

Federal Bank has unveiled an Open Banking Platform to enable Fintech companies and start-ups to use the bank’s APIs to come up with innovations and create new products for banking services.

The platform is aimed at allowing startups, corporates, and FinTech to generate value with smart integration. The initiative is expected to provide an opportunity to fintechs and other entities to build and test the applications which will cater to various business requirements in areas such as fund transfers, smart collections, UPI payments and digital credit.

Federal Bank’s digital infrastructure caters to customers in different parts of the world.

According to the bank, around 16 percent of foreign inward remittances of India is done via Federal Bank’s API platform. The Federal Bank API’s are effectively used by Google Pay, Seynse Technologies and Airtel, an India Infoline report says.