API Banking Email
API is the acronym for Application Programming Interface, which is a software intermediary that allows two applications to interact with each other. For example, each time you use an app like Facebook, send an instant message, or check the weather on your phone, you are using an API.
It serves as an interface between different software programs and facilitates their interaction, similar to the way the user interface facilitates interaction between humans and computers.
Application Programming Interface Banking: Bulk Payment
‘Bulk Payment’ is a bank payment option that allows making several transactions at once. It is a method of transferring funds to multiple beneficiaries/credit accounts from a single debit account. For example, employers crediting the salaries of their employees.
API Banking allows customers (Corporate customers or government agencies) to provide required services to the masses. It permits for the interaction of various software programs and facilitates for a fully automated banking service platform with services such as eKYC plan, PAN verification, Currency rates, and credit score. Bulk Payment through API Banking is affordable, accessible and easily available. It offers a simplified disbursement process with end-to-end support during the whole payment lifecycle while constantly ensuring the security and providing risk management for the transaction.