Celent Model Bank Award: YES Bank: API Banking
Winner of Celent Model Bank 2017 award for Payments Product. YES Bank's "API Banking" is a one-of-a-kind ERP integration where the client's ERP system is integrated with the bank's system, and the client can do its banking related activities from its own ERP system using APIs. It is the largest user of APIs in Indian banking.
The introduction of API Banking led to the acquisition of many new clients, and the deepening of relationships with existing clients. In the first 12 months, 62 clients have been onboarded on API Banking (Payments & Collections) with overall throughput value over INR 5,000 Crore. (US$750 million).
API Banking has enabled clients to reduce Turn Around Time (TAT) days to hours and provided operational efficiency through auto-reconciliation of transactions, and has transformed many companies processes.
"YES Bank have had a remarkable journey, becoming the fifth largest private bank in India just over a decade since they launched, and they very much believe technology is it's differentiator. They really demonstrate why digital banking makes a difference," commented Gareth Lodge, Senior Analyst of Celent's Banking practice. "The ability for corporates to not just make a payment, but also reconcile it shows that a bank thinking about payments from the point of view of the client makes their propositions far more valuable to the client."
