Mumbai, May 18, 2017: YES BANK, India’s fourth largest private sector Bank, has been awarded Celent Model Bank 2017 Award for Payments Product for API Banking, in Boston. YES BANK was the first Bank to introduce ‘API Banking’ service in India. API Banking (Application Programming Interface) is designed to elevate customer experience and transform Corporate Payments in India.
‘API Banking’ is a one-of-a-kind ERP integration wherein the Client’s ERP/system is integrated with the Bank’s system and clients can perform its banking related activities directly from their own ERP by calling the Bank’s APIs.
Through API Banking, business enterprises can do all their cash payables and receivables management from their ERP in a seamless and secure manner. This significantly reduces turn-around-time for doing a financial transaction and eliminates the need for physical payments requests to the bank. With a full stack of APIs, YES BANK is also able to partner with multiple companies and is revolutionizing the paradigm of Financial Supply Chain in Indian Banking. YES BANK was chosen from among 150 nominations received for this category.
Commenting on the achievement, Asit Oberoi, Group President and Global Head, Transaction Banking Group, YES BANK, said: “At YES BANK, technology and innovation are critical mission pillars. We constantly strive to digitally transform the banking experience for businesses. This recognition reaffirms YES BANK’s mission of being innovative and breaking technological barriers to provide superior customer experience.”
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies.
YES BANK has previously won the Celent Model Bank Award in 2012 – Insights 2 Engage and Governance, Risk & Compliance Competency Framework categories.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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