Banks with Best API Integrations

What is API Banking?

Application Programming Interface Banking uses APIs (XML/JSON codes) for interaction between bank and customer servers, allowing for data transfer between two systems and securing seamless and secure integration between the user’s and bank’s systems. This API Banking functionality allows the customer to perform banking transactions quickly and easily without having to switch between his Enterprise Resource Planning (ERP) platform and the bank.

Some of the Benefits of API Banking

1. Direct connectivity and Immediate solution – Real-time solution for banking transaction processing
2. Secured integration medium – Exchange data or files in an encrypted environment.
3. Banking mode that is extremely efficient – Reduce the time it takes to initiate a banking transaction and make the reverse status available on the customer’s system in real time. Simple reconciliation
4. Helps save time – No requirement of visiting the bank or manually upload transaction files.

Types of APIs:

Private API 

It is mostly used for default bank organizations. Private APIs help improve the operational facilities of banks and hence, they prefer it. 

Benefits:

1. Automation results in cost savings.
2. It enables better collaborations.
3. It improves data exchange security.

Partner APIs

Partner APIs support expansion and facilitate communication between a third-party and the bank. By implication of API, banks can automate loans and maximize efficiency rates. 

Benefits:

1. It allows for efficient collaborations.
2. It enables the API to be monetized.
3. It also improves data exchange security.

Public API

Public APIs or open APIs are used to share business data with third parties. They are by far the least used API systems. Banks are majorly concerned about data security. 

Benefits:

1. External collaboration for innovation
2. The formation of a developer community
3. Enables exposure to new markets

The following are some banks with the best API integration in town:

1. ICICI Bank

How does it work?

Step 1: The client can select an API service and perform virtual checking on the ICICI Bank developers portal.

Step 2: The client must sign an NDA/application form to gain access to the UAT and production environments.

Step 3: ICICI Bank and the client’s technical teams link arms for testing support.

Step 4: Development, Testing, and Implementation

2. Morgan Stanley

How does it work?

Step 1:Request access to the Morgan Stanley API Developer Portal.

Step 2: Examine and run API queries against the sandbox environment.

Step 3: Using your sandbox credentials, create your application based on code samples.

Step 4: When you’re ready to go live, use the self-service tools to configure your application and request access to the APIs you want to use.

Step 5: Once access has been granted, configure your application’s production settings and go live!

3. CitiGroup

How does it work?

Step 1: Register your application. You will be provided a unique client ID and client secret.

1. Click on Apps to open the page where you can “Register a new application.”
2. Once the App has been registered, make a note of the client id and client secret.
3. The client secret is only displayed once.

Step 2: Subscribe to a plan.

1. Click on APIs, then “Explore the APIs”. Click on “Use this API” and subscribe to the appropriate plan.
2. Choose your app, then click “Save.” The subscription request will now be sent to the Citi Admin for approval.

4. Clickbank 

How does it work?

Step 1: Log into your Clickbank account and click on the user’s tab. 

Step 2: Click the “Manage Permission” tab to generate the API key.

Step 3: Locate the user’s API key.

Step 4: If you wish to generate a new key, click on “Regenerate”. 

API banking becomes important when customers grasp the concept and actively participate. As a result, it is critical for financial institutions to enlighten their customers about the positive advantages of API banking. Furthermore, resolving the legacy system challenge will enable financial institutions to prepare to gain entry and partake in the sector of API banking.

API banking does have a potential future in the fintech industry. Banking institutions are constantly improving their core banking capabilities. API will also eventually allow the software community to evaluate and grow software and processes on top of stable core banking systems.