API Banking: The Future of Seamless Business Payments
Now, there’s a convenient approach for businesses to process faster payouts, release salaries, initiate refunds, and do much more, through FidyPay’s API Banking.
Understanding API Banking
API (Application Programming Interface) Banking refers to a set of tools, protocols, and routines that connects banks and other financial institutions with a third-party API Banking platform such as FidyPay. FidyPay enables you with API Banking, establishing online connection between your business and the bank. With this, you will gain access to limited yet important banking features. FidyPay offers you API support for the open platform and BaaS banking attributes.
How does API Banking Work?
Easy Sign-Up
Experience hassle-free onboarding with FidyPay! Our seamless sign-up process gets you started in minutes, unlocking a world of convenient digital transactions.
Bank Account Linking
Connect your existing bank account to FidyPay effortlessly using our secure API. Enjoy the convenience of managing transactions from one integrated platform.
Check Your Account Balances
Stay on top of your finances with ease. Monitor your account's balance through FidyPay's user-friendly interface, ensuring transparency and control.
Reconciliation and Account Addition
Simplify reconciliation tasks with FidyPay. Seamlessly add and manage multiple accounts for a comprehensive overview of your financial landscape.
Problems Faced Without API Banking
Tiring Payment Procedures
Without API Banking, businesses and consumers had to undergo a strenuous procedure to process their banking transactions. As India is inching toward implementing a digital payment landscape, API Banking intends to strengthen the era of cashless payments.
Slow-Paced Digital Banking
Earlier, when the digital banking landscape was just in its initial stage, people’s reach of those features wasn’t much broad. Considering that many people were deprived of using digital payment facilities.
Time Consuming Process
Without API Banking being, third-party financial institutions, businesses and customers were finding it difficult to access the banking features through their physical establishments.
Perks of API Banking
Link all of Your Business’s Fund Sources
You get the feasibility of linking your multiple funding sources to one single platform. You can add your business bank account, loan account and others under one roof. You won’t have to worry about using different bank portals for accessing the funds in your various accounts. We will bring it all together to a unified API banking platform.
Make All Forms of Payments
You can make vendor payments, initiate salary payouts, check your balance and monitor the transfer status, download your statements. Thus, your business transactions will be processed easily, and you can track them all with detailed insights over the centralised dashboard.
Integrated Payouts at Ease
There might be a necessity of initiating refunds for customers, while in business. So, API banking enables you with the feasibility of processing one-click refunds. Following that, FidyPay also helps you with instant vendor payments to ensure your business doesn’t get halted due to any payment delays.
Issuing Accounts
At FidyPay, we can help you implement the best API Banking by allowing you to create bank accounts for your employees or users in minutes. The process will be entirely paperless, and the KYC will be done online. You can link all bank accounts or access accounts onto a single platform.
Here are Some Use Cases of API Banking for You to Understand its Potential!
Automated Execution of Banking Services: API Banking supports the automated execution of all compatible banking services and products to customers through various electronic or digital channels.
Customer Satisfaction: Improvement in the overall process helps businesses attain consumer satisfaction. FidyPay collaborates with you to make such transactions with your consumers seamless from top to bottom.
Easy Verification of Data: If there’s a new entry in your database, the details of which you want to validate across the bank statements for authenticating the information, APIs are of good use for it. It enables you to automate the process of fact-checking.
Connect all Financial Accounts: Individual or business banking API enables you to view the dispersed data of several financial accounts under one roof.
FidyPay's All-in-One Solution
Seamlessly Manage Recharges, Utility Payments, and Recurring Bills with our BBPS APIs
Bank Statement
Integrate our Bank Statement API into your platform for seamless access to accurate and instant bank statement analysis. Analyze multiple statements, process various types and formats, and instantly analyze scanned bank statements.
Balance Enquire
Integrate FidyPay's Balance Enquiry API to offer your users the convenience of checking their account balances instantly. Confirm credit/debit transactions, enhance customer experience, and help them avoid balance check fees at physical ATMs
Bulk Payment
Initiate fast and secure bulk payments with FidyPay's API. Streamline payment disbursal, ensure a secure payment system, and seamlessly manage corporate funds.
Vendor Payment
Streamline vendor payments with FidyPay's API. Build better vendor relationships, automate payment scheduling, and ensure timely payments with automated invoice processing and tax deductions.
Why Choose FidyPay for API Banking?
FidyPay offers a fast and convenient connected banking or API Banking platform for performing banking operations for transactions, along with other API Banking examples and use cases. Financial service providers and businesses may easily integrate a single FidyPay API to access numerous banking APIs.
Currently, we are an API Banking Solutions company in India working with Yes Bank, RBL Bank, Axis Bank, and ICICI Bank, and we are expanding our banking partners with each passing day. With API banking, we will be helping the budding businesses and the nation adapt to more digital payments.
Easy onboarding
We will help you with handling bank accounts and support customer onboarding. Following that, we also help you meet the regulatory requirements or compliance checks.
Core Banking System
We will help you implement the customer-relevant and future-ready banking solutions with the holistic system.
Smooth Payment Experience
We will help the businesses provide seamless payment experiences to their customers. We have the best API banking solutions to help you with the custom requirements.
Round the clock support
We offer round the clock support solutions to help our clients with quick resolutions to all their questions and queries. If you want to get along with the API banking integration, get in touch with us right away!
Easing of Digital Commerce
We will help you ease your digital commerce business transactions by implementing finance, commerce and technology, with astounding API banking capabilities.
FAQ's
FidyPay is your one-stop API Banking provider in India and has helped numerous businesses so far in terms of accepting or sending money digitally. We offer API solutions to help streamline your vendor payouts, bulk refunds and wage payout necessities at ease.
Once you submit the KYC documents to our team, it will take 1 day to activate the account.
Yes, upon your request, our team members will explain to you how our API Banking solutions can help you accept international payments and expand your business on a global scale.
Yes, we can help customise the API solution to meet your business requirements. We have the capability to build specific products that meet the market requirements.
API banking will benefit your business in several ways, such as:
- Attain convenience in financial management
- Avail outstanding user experience for your customers
- Data security level will be top-notch
- Financial services of your business can be customised
- Adds cost effectiveness and efficiency
Connect With Us
At FidyPay we ensure that our API banking solutions are of the highest standards in the industry. We make sure your business thrives, while staying updated with the fintech trends. If you have any queries regarding our API Banking solutions, or you want to learn a bit more about how our services can make a positive impact on your business, then get in touch with us right away!
