Federal Bank has introduced an Open Banking Platform to help fintech companies and startups to use the bank’s APIs to come up with innovative solutions for banking services. It is expected to help startups, corporates and fintechs to generate value with smart integration as also build and test the applications which will cater to various business requirements in areas such as fund transfers, smart collections, UPI payments and digital credit. The bank said around 16% of foreign inward remittances of India is done via Federal Bank’s API platform. Current users of its APIs include Airtel and Google Pay.
