POWER OF TWO

Banks are allowing developers, technology companies and fintech players to plug into their core banking systems to offer new products and services.

Banks are allowing developers, technology firms and fintech players to plug into their core banking systems to offer new products and services.

Mutual fund investors have always found it tedious to get redemption money instantly credited to their bank accounts. It usually took a couple of days. That, however, is a thing of the past for investors of LIC Mutual Fund and DSP Blackrock Mutual Fund. These fund houses can now pay liquid fund unit holders right away. The entity that has made this possible is an old-generation private sector bank, RBL Bank, which, in collaboration with technology team of mutual funds, came up with a solution. It opened its core banking system via Application Programming Interface (API), a set of routines, protocols and tools for building software applications. The open API offered by RBL enabled the fund houses to give an integrated and seamless process to initiate payments for their customers.

Similarly, when a Mumbai-based travel and tours firm