APIs are the New Normal
Asit Oberoi, group president and global head, Transaction Banking Group at YES Bank, and Sourabh Chatterjee, head – Digital & Technology at Bajaj Allianz General Insurance, share insights about the use and implications of API landscape in the BFSI sector
Dr Ravi Lalwani: What kinds of companies are you seeking to partner with through APIs?
Asit Oberoi: We are using API banking for payments and collections for corporates across industries like eCommerce, manufacturing, FMCGs, NBFCs, logistics, education, telecom, etc. We also use APIs for applications ranging from refund payments, loan disbursement, vendor payments, commission pay-outs, fees collection and dealer collections.
We partner with corporates as well as prominent application service providers specializing in the respective areas to tap the varied industry sectors. We seek to partner with clients where we can jointly enhance the end client user experience. Additionally, we have also partnered with fintech startups who are building innovative banking solutions by using YES Bank APIs.
Sourabh Chatterjee: Insurance industry is building a more customer friendly ecosystem by leveraging technology and automation. APIs help increase efficiency by providing seamless and instant insurance solutions to customers. Our API integration strategy is based around partners who offer value to the entire chain like policy issuance, distribution, claims, etc. We also have partners for ancillary processes like Aadhaar. We advocate API integration heavily and have APIs integrated with a variety of partners like aggregators, agents, brokers, banks, etc.
What kind of applications and data are you exposing through APIs?
Oberoi: YES Bank offers various applications and banking services as a part of Banking-as-a-Service (API Banking) suite. We ensure that customers’ convenience and needs are considered while customizing API banking solutions. Our API banking solutions include instant refunds for eCommerce firms, instant gold loan payouts for NBFCs, instant driver commission pay-outs for online cab aggregators, instant foreign inwards remittances under Rupee Drawing Arrangement and Money Transfer Service Scheme for money transfer operators.
Services like real time 24x7 payments and collections of funds, real-time account balances of the corporate, bank statements and mini statements for the day, give corporate clients the comfort of banking from their ERPs and save on day-today operational time and expense. The customer need is of prime importance to us, and we have built customer centric solutions for a superior and consistent client experience.
Chatterjee: At Bajaj Allianz General Insurance, we want to stay ahead of the curve in terms of innovation in the insurance industry. Customers need realtime solutions to their insurance needs and here is where API bridges the gap between insurers and customers. Various parts of the insurance value chain are exposable via API. Right from quotations to claims and settlement, are all exposed as APIs.
Which vendors’ technologies are you using to build the APIs?
Oberoi: We have partnered with various fintechs, specialized application service providers and niche technology start-ups to build the API banking ecosystem.
Chatterjee: Bajaj Allianz General Insurance has an in-house team that builds APIs by using the advanced technology adopted in the industry today. The differentiator is at architectural level, since a lot depends on how the services are built for scale.
How many APIs have you exposed to the outside world? How many more
will be added in 2018?
Oberoi: Currently, we have commercialized APIs for corporates in cash management services and supply chain finance. We are looking forward to building APIs for select products on the trade finance areas as well. We have over 100 APIs which are being used internally and externally to bring
Asit Oberoi, group president and global head, Transaction Banking Group at YES Bank, and Sourabh Chatterjee, head – Digital & Technology at Bajaj Allianz General Insurance, share insights about the use and implications of API landscape in the BFSI sector:
Asit Oberoi points out that the bank customizes API solutions ensuring customers’ convenience and their needs are taken care of