Full-stack API banking platform, Decentro, has partnered with ICICI Bank to offer customised business banking APIs to fintechs, startups, and corporates and ecommerce companies.
Through this partnership, Decentro has integrated ICICI Bank’s seven business banking APIs from diverse categories like accounts, payments and collections. It has further bundled these APIs together to offer an efficient and comprehensive package to the end
customer, a release said.
With this, any fintech, startup and corporate can now enjoy instant and secured access to
customised business banking APIs on top of ICICI Bank. It significantly enhances convenience for companies as they can now access all business banking solutions seamlessly through Decentro, rather than integrating different business banking APIs, thereby saving their time and costs.
Decentro Founder and CEO Rohit Taneja said, “We are also celebrating our first year official anniversary as a company this week. The number of API transactions on our platform have grown by 12X in just nine months since our first product launch in July last year, and the number of new customers have grown by more than 40% month over month.”
ICICI Bank Head- Self Employed Segment Pankaj Gadgil said, “At ICICI Bank, we have always strived to create a seamless banking experience for our customers. With this integration, Decentro can now offer a bouquet of banking APIs from ICICI Bank along with various other non-banking APIs to the customers.”
The business banking APIs by ICICI Bank enable any aggregator, platform or marketplace to offer various banking functions to their MSME customers. Some of the essential functions among these include linking a current account instantly to a business platform, enabling and approving different kinds of transactions via APIs, and automatically fetching bank statements and balances in real-time.
Benefits of the ICICI Bank-Decentro integration:
- Customised business banking API integration: The ICICI Bank- Decentro partnership enables businesses to get customised business banking APIs to suit their needs.
- Pares time, and enhances productivity: This partnership helps businesses in reducing the time taken to integrate the APIs to their business solutions from few weeks to few days, thereby enhancing the business productivity.
- Automate reconciliation: With this integration, all banking transactions with ICICI Bank are fetched automatically into Decentro platform. The reconciliation engine automatically reconciles these transactions with the ones already recorded in Decentro. It also helps to reconcile the failed or reversed transactions and create missing transactions easily.
- Direct payments: Businesses do not have to juggle between their accounting and banking applications to make payments anymore. They can integrate their accounting and banking applications with Decentro’s Payouts and carry out payments like vendor payments, salary for employees or any refunds in just a few clicks.
“We are aligning ourselves as an API infrastructure layer for fintech (similar to AWS) and are building products in line with the expectations of customers, marketplaces, gig economy platforms, small businesses, as well as corporates. We will use this additional capital and our bank integrations to go deeper into our product suite as well as cover more customer segments over the next couple of years,” said the company’s co-founder Pratik Daudkhane.
