Kotak Mahindra Bank has opened an API developer platform to spur third party innovation across the bank's datasets.
The Indian financial services firm says the platform will be used to nurture strong relationships with startups and app developers and to create customised offerings addressing specific customer needs in consultation with the bank.
The platform offers Kotak’s APIs for lending and payment products. Within a short period of the portal’s launch, it has gone live with more than 30 partners in the lending and payments segment. A further 40 developers are awaiting approval by the bank.
Aruna Rao, senior EVP and group chief technology officer, says: "“The API economy will shape the future and will form the backbone of a growing digital ecosystem. The API Manager provides a technical and governance framework (and) facilitates collaboration between banks, merchants and the developer community to support rapid innovation. Given the constantly evolving customer preferences for financial services, banks and financial technology companies must recognise the growing power of a collaborative ecosystem.”