API, or Open Banking, is considered to be one of the biggest advancements in the banking industry. It has provided businesses and consumers easy access to custom banking services while also ensuring complete safety and enhanced efficiency. It involves the use of APIs that have access to the core system of a bank. These APIs can then be used by entities (Corporate Business Correspondents/Fintech Players) within their organisation/platform or be offered to the consumers for a more personalised banking experience.
Fino Payments Bank is one of the pioneering payments banks in the industry to offer an API Banking platform to its partners for products like Domestic Money Transfer, AePS – balance enquiry and cash withdrawal, MicroATM – balance enquiry & cash withdrawal, Savings Account Acquiring/Servicing and Payment Services.
*DMT API: For large distribution network players, Fino Payments Bank extends the services of API – Domestic Money Transfer to service customers for transferring funds – cash to account fund transfer method through IMPS and NEFT mode of funds transfer.
*AePS API: Similarly, for enabling third party partners to service large customer base for AePS balance enquiry and cash withdrawal using their Aadhaar number and biometric authentication, AePS APIs are developed by Fino Payments Bank.
*MicroATM API: Those customers who hold accounts with other banks and have debit cards as well, can be serviced through Fino Payments Bank MicroATM balance enquiry and cash withdrawal API. Through this, customers can use debit card & PIN-based authentication for balance enquiry and cash withdrawal.
* CASA API: Fino Payments Bank is among the few banks in the industry which have provided Savings Bank Account Acquiring APIs to its partners. With the help of this API, our partner can onboard savings bank account customers on behalf of Fino Payments Bank.
*Payment Services API: In line with the growing need of rural-based distribution networks for enabling cash deposits at banks’ locations, Fino Payments Bank has also launched Payment Services API. With the help of these APIs, a large distribution network of partners can be used by Fino Payments Bank clients for payment Services to deposit cash at their locations.
We have currently tied up with more than 50 corporate entities. Some of the leading names are Eko India Financial Services, RNFI Services Private Limited, Mobisafar Services Private Limited, Iservu Technologies Private Limited, Quicksun Technologies Private Limited, Oriel Financial Solutions Private Limited, Spice Money Limited, Sugal & Damani Pvt Limited.
Unique value proposition
Fino Payments Bank provides Host to Host APIs and ready to integrate SDK for our partners. These APIs/SDKs are secure and can be easily integrated with the partner’s platform. Our APIs provide flexibility to the choice of channel/ mode of application. Backend systems are robust enough for efficient transaction processing and accommodate high TPS (transactions per second).