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ICICI Bank launches API Banking portal with nearly 250 APIs

ICICI BankICICI Bank announced the launch of its API Banking portal which enables partner companies to co-create customer solutions in a frictionless manner and in a fraction of the time usually taken for such integration, thereby significantly increasing productivity. The ‘ICICI Bank API Banking portal’ consists of 250 APIs enabling businesses, fintechs, corporates and e-commerce start-ups to partner with the bank.

The APIs (application programming interfaces) are a set of instructions, which allow the third party applications to communicate with the bank’s various technology applications and collaborate to bring in new customer propositions. They are available across an array of categories including payments and collections such as IMPS, UPI payment/ collection, accounts & deposits and cards & loans. 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.

Anup Bagchi, Executive Director, ICICI Bank elucidated, “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.”

He further mentioned, “We believe that the ‘ICICI Bank APIBanking 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.”

The portal incorporates a detailed workflow for conveniently moving the API solution to the final production stage. ICICI Bank has stated that the portal launch is a step towards bringing in the benefits of open banking in the industry.

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