Yes Bank adopts IBM API management solution

BANGALORE, INDIA: Yes Bank has implemented an IBM API Management solution to provide an enhanced digital experience to its existing and potential customers.

The IBM technology will allow Yes Bank to rapidly define the APIs required for digital banking, thereby helping Yes Bank reveal its core business services and data to industry partners and customers in a secure ecosystem.

This solution is an extension of the existing collaboration with IBM under which Yes Bank uses IBM MobileFirst platform to offer innovative offerings in the retail banking and the digital payments sectors.

Yes Bank undertook the API Management implementation as a flagship project to respond to emerging market trends of adopting APIs and Apps and not just be restricted to core banking applications.

The IBM solution will enable the bank to forge new business partnerships by creating an “easy to do business with” environment and help gain business insights into API consumption through its analytics capabilities.

Through an interactive portal the bank will be able to expand its revenue generating channels by adding multiple partners in a matter of days, rather than months.

Anup Purohit, Senior President and Chief Information Officer, Yes Bank, said, “IBM solutions like API Management and MobileFirst will help us further enhance our offerings to customers seeking seamless integration of their financial supply chain with the bank, while enabling us to improve business performance and IT costs.”

Yes Bank is now offering its payment capabilities as APIs to its customers and is partnering with e-commerce vendors and currency exchange houses to offer an integrated financial supply chain solution.

Yes Bank is also planning to drive innovation and create a developer ecosystem using public APIs such as ATM locator, to help a customer identify the nearest ATM, know the latest Forex exchange rates, and the current deposit and lending rates.