India’s Federal Bank launches open banking platform

Indian-based Federal Bank has unveiled a banking platform that will allow FinTech companies to use its APIs for new products that integrate with its banking services. The creation of the platform is part of the bank’s efforts to improve digitization and automation as well as reduce manual overhead and errors.

Current users of its APIs include Airtel, Seynse Technologies and Google Pay. According to Federal Bank, more than 16% of India’s total foreign inward remittances are powered using its API platform.