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Payments General

India's Kotak Mahindra Bank launches open banking platform

Wednesday 28 November 2018 | 10:32 AM CET

India-based private sector lender Kotak Mahindra Bank has introduced an open banking platform to encourage the development of customer-centric solutions.

The open banking platform will be driven by developer portal to make the bank’s application programming interfaces (APIs) available to fintechs and developers.

The platform is designed to provide a collaborative system for fintechs and developers with the bank. It will provide open access to all associated parties and develop customised offerings to meet customer requirements. Offering Kotak’s APIs for lending and payment products, the platform has been made live with 30 partners. In addition, more than 40 developers are now currently undergoing integration process.

According to Kotak Mahindra Bank, the API Manager provides a technical and governance framework to securely enable the exponentially expanding API world. The launch of open banking initiative forms a part of the Kotak’s digital-first organic growth strategy. As a part of its strategy, the bank already rolled out 811, Kotak Remit and blockchain-enabled trade finance products.

More: Link
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