Decentro, a full-stack API banking platform, has partnered with ICICI Bank, a leading private sector bank in India, to offer customized business banking APIs to fintechs, startups, and corporates and e-commerce 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. 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. The interested companies can simply visit Decentro's website and fill out a 2 minute form to sign up for the business banking module whenever they feel like.
Rohit Taneja, Founder & CEO, Decentro said, “Interestingly, 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. We are thrilled to be building this crucial infrastructure for the upcoming fintech revolution and are super proud to be backed by some of the smartest investors in the world. With this new product, we are looking to empower existing as well as new categories of ventures like SME Service Providers, Accounting firms, B2B marketplaces, and more across the country.”
Speaking on the partnership, Pankaj Gadgil, Head- Self Employed Segment, ICICI Bank said, “At ICICI Bank, we have always strived to create a seamless banking experience for our customers. We are delighted to partner with Decentro to bring forth an integrated API banking solution to several businesses, fintechs, corporates and e-commerce start-ups and co- create innovative customer solutions in a frictionless manner. 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. We believe that this association will boost productivity for businesses, as they can now expect API banking solutions tailored for their specific requirement quickly.”
ICICI Bank offers unique end-to-end experience for easy integration of APIs. 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, in a cost-effective manner.
* 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. Payments made and received are mapped and reconciled by Decentro, saving time which businesses used to spend on manually entering and reconciling bank transactions.
* 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. Businesses with an approval workflow can continue to approve their payments from the Bank's Corporate Internet Banking (CIB) portal and see each payment's status updated automatically on Decentro platform.
“We're 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.”, says Pratik Daudkhane, the company’s co-founder, who was earlier a venture capitalist.
To know more about the offerings and avail the services, please visit Decentro’s core banking products. (https://decentro.tech/products/accounts/?utm_source=PR&utm_medium=Joint-PR&utm_campaign=ICICI-Bank-Partnership&utm_term=ICICI-Bank-Partnership-PR&utm_content=Joint-PR-With-ICICI-Bank)
About Decentro: Decentro is a full-stack API banking platform where you can come, select your desired modules, integrate in the sandbox, and launch a product with just a few lines of code in a couple of weeks! Not only that, but the platform also takes care of all upcoming fixes, iterations, and updates without breaking any flow.
About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at ÿ 15,19,353 crore at December 31, 2020. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 15 countries, including India.