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API Banking is a set of routines, protocols or tools that allows access to a bank’s services to other financial institutions or third-party platforms like Cashfree.
Functions that a business would generally perform on a banking portal manually such as adding beneficiaries, transfer of funds can be automated from within the internal ERP or product using APIs.
Process
Banks (eg ICICI) allow limited and secured access to their core banking system for other third party platforms like Cashfree to access data and execute banking functions like transactions, balance query, checking account information.
ICICI opens its core banking system for Cashfree
Cashfree integrates the bank APIs to establish a connection with ICICI’s core banking system.
Cashfree makes a request (API calls) to fetch the required data from ICICI servers or execute functions.
Third-party platforms like Cashfree offer a convenient interface to perform API Banking functions for transactions and other business use cases. Businesses and other financial service providers can easily integrate a single Cashfree APIs to access multiple banking APIs.
Disclaimer: The brand names have been used only for reference. Brand names & logos are property of the respective bank & institution.
Difficult integrations
Bank APIs are often written with SOAP protocol that is complex to integrate and offer lesser flexibility around sending data. Typically takes 6 months or more to get started.
Limited TPS
Bank servers can process only a certain number of transactions per second (TPS). If a big business tries to process over the set limit, all such transactions fail.
Difficult reconciliation
In case of failed or reversed transactions, identifying and reconciling them requires effort. Different banks and different payment methods tend to have varying reporting formats and types of issues.
Single bank a/c dependency
Since integration is time-consuming for a single account, businesses find it hard to use any other bank account. When specific bank’s servers are down, there are no alternatives to transact.
More than bank transfers
Cashfree API banking platform can be used to do payouts to any bank account. Further you can send money to any UPI-BHIM ID, Paytm wallet or debit card.
Verify before you Pay
Use Cashfree Bank Account Verification feature to validate accuracy of bank account number and account holder name before sending money in real-time. Know more.
New Now Verify UPI IDs in bulk
Built for scale, works 24x7
Process upto 100,000 payouts per day. Cashfree Banking APIs work 24x7. Money moves even when banks don't.
Easy to integrate
Developer-friendly APIs. Easily integrate with your website, app, ERP and send money automatically Integrating Payouts takes a few hours only.
Check API Documentation
Simpler file uploads than banks
Use API or easy to use Dashboard. Move ahead of file upload errors. Bulk payouts are easy now.
Higher success rate
Integrated with multiple bank's, Cashfree rerouts transactions through alternate banks if originating bank server is not responsive using intelligent algorithms.
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Here is why you should give Cashfree Payouts a try !
100% online onboarding with KYC, do your first transaction almost immendiately. What's more? Instant bulk beneficiary addition & activation.
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