Bengaluru, NFAPost: It is great to see a bank is opening up sensitive data for innovation and disruption in India. But YES Bank has pioneered it and set new standards in tech innovation by engaging with startups. Besides fintech innovation, it helps startup to cross-polinate technologies in different other sectors.
The man who is pioneering the effort is very tall like his ambition. It is none other than YES BANK Chief Digital Officer Ritesh Pai. He is working hard to build an ecosystem of innovation. “YES BANK, India’s fourth largest private sector Bank, is launching YES Fintech Developer, India’s largest API sandbox with 50+ virtual APIs at Bengaluru. Besides helping in the evolution of the bank’s technologies to Open Banking, these technologies will have application in other verticals. This is in line with the bank’s strategy of keeping customers at the core while ideating and co-creating solutions,” said Pai to NFAPost.
YES Fintech Developer
YES BANK was the first bank in India to launch APIs that allowed integration with the technology systems of corporate clients. YES BANK started this journey in 2015 and till now helped startups and other clients numbering around 1500. These companies have made available API banking as an enabler to customise digital soultion for its clients.
Commenting on the launch of API Sandbox, Ritesh Pai said YES Fintech Developer sandbox will create a perfect collaboration opportunity with startups. “It will help them to test emerging solutions such as alternative data-driven banking models, gamified solutions to nudge user behavior 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,” said Ritesh Pai.
The sandbox builds on the bank’s strategy of using API banking as an enabler to customise digital solutions for its clients. This will not only help corporates, MSMEs and startups to identify ‘best-fit’ APIs based on their sectors but also allow them to test the APIs with their app in a secure environment.
Technology based micro-lending platform KrazyBee founder Karthikeyan Krishnaswamy said the company provides online finance solutions that help college students to purchase products online via a flexible monthly payment plans. “We are happy to see that YES Bank API platform has helped us to find other used cases where small retailers finds our solution fitting in their procurement business. Efficiency aspect of the organisation and payment is seamlessly tested,” said Karthikeyan Krishnaswamy. KrazyBee also secured an NBFC licence.
Cashfree founder Akash Sinha said digital underwriting and ending without people were unimaginable. “Lending is a regulated business and API is totally regulated. The opening up of API by YES BANK really helped us in testing our products,” said Akash Sinha.
The sandbox will enable clients across sectors to visualise multiple banking use cases, customised for their application and understand possible integrations & functionalities of the Bank’s APIs.
YES Fintech Developer also provides a boost to the Bank’s effort of co-creating innovations with fintechs, startups and the developer ecosystem to enhance customer experience. While API suites from banks have helped such partnerships, it
is often difficult for fintechs and startups to experiment with live APIs to build new features and capabilities.
The YES BANK sandbox will ease these concerns by providing a secure virtual environment to test, train and develop solutions with banking integrations. Developers can complete integrations in the environment and mimic how their solutions would work in a ‘live’ environment. Once they are comfortable, they can move to subscribing the APIs.said,
Through the sandbox, YES BANK will grant access to APIs across four usage categories including account management, payments, cards and CRM. The operations as part of Accounts includes account opening, account management and customer portfolio. Payment service includes beneficiary management, fund transfer, bill payment and recurring payment. Cards services offered are credit card and debit card. CRM services include lead management and customer service. Sandbox APIs of partner organisations across sectors will also be launched soon.
YES BANK API is being used by clients like Swiggy, PhonePe, Blackbuck, Myntra and Razorpay among others who are already using the platform for banking functions like instant cash back, in-app fund transfers, customer authentication and custom database management among others to develop innovations.
YES BANK will work with its clients, the startup ecosystem and the developer community to continually expand portal’s functionalities and the virtual APIs it offers basis feedback. The sandbox is open to all developers, startups and corporate partners, who are invited to register their interest at www.yesdeveloper.in. Upon registration, once an email verification is completed, they will have access to all APIs in a development sandbox, thereby enabling them to test their ideas in a secure environment.
To fuel co-development of innovations, the Bank will also conduct a series of virtual hackathons and developer jamming sessions on the sandbox platform. Registration opens for the virtual hackathon on November 13, 2019 at www.yesdeveloper.in for an exciting 72 hours of brainstorming and coding.