On January 14, 2020, ICICI (Industrial Credit and Investment Corporation of India) bank,an Indian multinational banking and financial services company has launched India’s largest API (application programming interfaces) Banking portal called ‘ICICI Bank API Banking portal’(https://developer.icicibank.com/), which consists of 250 APIs & allows bank’s partner companies across the globe to sign up on it, create an application, select the application, test it out and get the sample code.Key Points:
i.With this, the portal reduces time span to few weeks and even days for partners to integrate the APIs to their business solutions. Usually, technical integration with the banks takes a lot of time. In addition to technical complexity,multi-layer approval process delay the whole development cycle by months.
ii.Now the partnership will promote productivity for business process as it creates ways for requirements of all types of firms – technology developers ,aggregators and offers a single place for designing, testing and going live with their business solution.
iii.The APIs are available in various categories including payments & collections like IMPS (Immediate Payment Service), UPI (Unified Payments Interface) payment, accounts & deposits and cards & loans. Once the solution get tested under sandbox process, developers can update to the UAT (User Acceptance Testing) for real-time testing, post signing an NDA with the Bank.
It is a software intermediary that allows two applications to talk to each other.
These APIs hide complexity from developers, extend systems to partners, organize code, and make components reusable.
About ICICI Bank:
Headquarters– Mumbai, Maharashtra
Managing Director & CEO– Mr. Sandeep Bakhshi
Tagline– Hum Hai Na, Khayal Apka