Technology is advancing at a rapid pace and it is changing every aspect of our lives from how we make payments to shopping, especially in current times. As the importance of differentiated customer experience and instant gratification grows, it is imperative that banking becomes smarter and faster.
The future on banking depends on the rise of open banking platforms transforming the legacy systems into simplified banking. Banking APIs hold the key for businesses to access the core banking system.
What are Banking APIs?
API or Application Programming Interface enables businesses and 3rd party applications to use a particular interface through which different applications can interact with banking tools or services. These APIs range from Payments APIs (Penny Drop, IMPS, UPI, NEFT, etc.), Collection APIs (VAN, NACH, UPI Autopay), account management and other banking services.
Why are Banking APIs important?
With the shift of businesses towards digital transactions, AI-driven solutions, automation & improved customer experience, banking has to evolve in order to cater to the industry. APIs are also enabling new solutions that address demands for personalised services and immediate fulfilment. Now any system across consumer applications , fintech players or ERP systems can easily integrate with Banking APIs, this will help businesses become fast, secure & efficient.
How Banking APIs can automate your business?
A delivery management services company wanted to automate payouts to their delivery agents, logistics partners & partners, upon delivery of cargo. With Paytm Banking APIs they were able to automate & digitize a cash-intensive industry with automated accounting, transactions & analytics.
Paytm payments bank has always been a leader in bringing new technologies and solutions. In order to enable businesses, we provide full-stack APIs with industry-leading success rate.
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