Federal Bank launches open banking platform

Federal Bank has launched an open banking platform which enables start-ups and fintech companies to consume the bank’s APIs and innovate new products and integrate various banking services. This platform will help corporates, fintechs and start-ups create value by way of smart integrations. The open APIs and a simulated environment to build and test applications will enable aspiring fintech start-ups to create innovative financial solutions. The open banking platform allows entities to explore various APIs which help address various business requirements of fund transfers, smart collections, UPI payments, digital credit or account opening.