The Unified Payments Interface (UPI) is an instant, real-time payment system developed by National Payments Corporation of India (NPCI) facilitating inter-bank transactions. It is a unique solution that can be used to transfer money and make payments using the Immediate Payments Service (IMPS). UPI is an initiative by NPCI, regulated by RBI. UPI works 24/7. Federal Bank offers the UPI API stack for fintech and startup partners to readily integrate UPI services in their products .
These APIs are offered to extend loan facility to Customers, through FinTech applications. The APIs enable automated loan account creation and loan disbursal capabilities which the FinTech applications can readily use to run their services, in a fully digitalized and integrated fashion.
Collection Hub from Federal Bank is a unique platform for facilitating Virtual Account-based collections via all leading physical and electronic modes of collections. This platform supports collections via NEFT, RTGS, IFT, IMPS, UPI, Cash and Cheque. This specification document explains the standard set of APIs that must be integrated by Finclips for fetching Customer Name for CTS clearing and CTS Instrument lodging.
The Account Utility service will reveal the details of any Customer Account with the Merchant to verify and confirm them before initiating any transaction or process within their application.