India-based Kotak Mahindra Bank has released an open banking platform to support collaboration among FinTechs, enterprises and app developers.
This new platform is being powered by a developer portal which makes Kotak’s APIs available to FinTechs and developers. By collaborating, the bank is hoping to improve the pace of innovation and development of customer-centric solutions.
Through the open banking platform, FinTechs and developers will be able to create customised solutions to address specific needs of the bank’s customers. Available APIs are those for Kotak’s lending and payment products.
To access the platform, FinTechs or developers have to register their details on the portal. Since going live, there are already over 30 partners from the payments and lending space join, and 40 developers are integrating.
The platform was launched under the bank’s ABCD initiative which is focused on improving the use of AI, biometrics, customer experiences and data.
Kotak Mahindra Bank group chief technology officer Aruna Rao said, “The API economy will shape the future and will form the backbone of a growing digital ecosystem. The API Manager provides a technical and governance framework to securely enable the exponentially expanding API world.
“It facilitates collaboration between banks, merchants and the developer community to support rapid innovation. Given the constantly evolving customer preferences for financial services, banks and financial technology companies must recognise the growing power of a collaborative ecosystem.”