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Mumbai-based ICICI Bank launches ICICI Appathon – API Banking

ICICIICICI Bank announced the launch of its fourth edition of ICICI Appathon, a virtual challenge for startups to create next-generation products and solutions. The startups can develop unique products by using over 250 APIs (Application Programming Interfaces) hosted on  ICICI’s API Banking portal which was launched in January to enable partner companies to co-create customer solutions in a frictionless manner and in a fraction of the time usually taken for such integration.

Anup Bagchi, Executive Director, ICICI Bank enunciated, “ICICI Bank has been at the forefront of digital innovations since its inception. We continue to seek opportunities to collaborate with the wider start-up ecosystem which will help foster rapid innovation and bring in value addition for our customers. ‘ICICI Appathon’ is a great opportunity for all new age companies to partner with us and create path breaking solutions by using our APIs.”

Solutions around a diverse set of APIs in categories of lending, payments, retail & corporate banking, and trade, among others need to be showcased by February 23, 2020. Winners will avail funds worth over INR 1 million along with a partnership opportunity to create products 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. The portal incorporates a detailed workflow for conveniently moving the API solution to the final production stage.

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