The Fund Transfer APIs are strategically driven solutions, that enable an easy money transfer services between Bank accounts in India. It facilitates ease in the transfer process using technology solutions like NEFT, RTGS, IMPS etc.
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.
Bharat Bill Payment System (BBPS) is an integrated bill payment system functioning under National Payments Corporation of India (NPCI). This is an interoperable bill payment platform through a network of agents of registered members enabling a safe, reliable and unified ecosystem with multiple payments modes and instant payment confirmation. Payments in BBPS can be made through cash, and electronic modes. The NPCI functions as the Central Unit (BBPCU) undertaking clearing and settlement of transactions routed through BBPS.
Bill aggregators and Banks work as Operating Units (COU) to offer an interoperable bill payment system irrespective of which unit has on-boarded a Biller, offering both online and offline – through the network of physical agents – operating models. This ecosystem brings Banks, Non-Banks, and online payment platforms under one roof as authorized units for bill collection, providing anytime-anywhere bill payment facility. BBPS platform includes online and offline interfacing for Billing Entities, Corporates, Agents and Customers.
Through the Remittance Fund Transfer API, fund transfer from outside of India is made easy. Exchange houses abroad can set up services to transfer money into Indian accounts. Along with Federal Bank APIs for enquiry and reconciliation, this bundle oﬀers a complete fund transfer solution, from abroad to accounts maintained by Federal Bank in India. These APIs are used for receiving the money from foreign exchanges, money will be transferred between exchange Account number and the customer account number.
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 .