Banking Industry to digitize the B2B supply chain with the launch of ‘Application Programming Interface’ (API) banking services. API banking allows to be seamlessly and securely integrated with corporate clients ERP systems.
Through API or Application Programming Interface, business enterprises can do all their cash payables and receivables management from their ERP in a seamless secure manner.
API allows you to access the bank’s transaction processing services from your ERP environment. You need not create any file or log in to corporate net banking, transactions can be triggered as API calls to bank’s system through secured system integration between Corporate Customer’s ERP and Bank.
How will it improve business efficiency?
Instant Banking Facility: API Banking enables instant cash payment or receivable facility from any Enterprise Resource Planning (ERP) system. This completely reduces turn-around-time for doing a financial transaction
Hassle-free: No need to send a physical payment request to the bank or upload CSV files. With a click of the mouse, cash payable and receivable transaction can be done
Improved operational efficiency: Daily account statement is made available for easy reconciliation
API banking services using for
Inward remittance (under rupee drawing arrangement),
Partner payments through NEFT/ IMPS – domestic (vendor payments, refunds, business correspondents, SMBs, co-operative societies),
Electronic collections, salary payments, Prepaid Cards and Expense Management Accounts, and Cardless Cash Withdrawals