India’s fourth-largest private sector banking firm YES BANK finally launched its YES Fintech Developer Hub. The launch of India’s largest API sandbox took place in Ritz Carlton in Bengaluru on 6th November. The API sandbox launched by YES BANK consists of 50+ virtual APIs, which marks the movement started by the bank towards a more open banking system.
This platform currently hosts about 50 APIs, which is the highest in the Indian Banking Sector, and it is expected to host more than 100 APIs by the end of 2020. The main motive of this sandbox development is to help and assist the corporates, MSMEs, and startups in identifying the ‘best-fit’ APIs depending on the sector in which they are operating.
The YES Fintech Developer is working along with the bank’s strategy of introducing the customers to the core developments while creating solutions with them. The access to these API’s will be provided in four categories:
- Account Management
- Customer Relationship Management
The sandbox will be beneficial for the clients as it would help them to work on customization and assess API integrations.
The Big launch YES BANK news
The event was so vast that it was covered by major news reporting channels as well as by news aggregators. The event was such a huge buzz creator in the industry that over 100 startup innovators and leaders like Swiggy, PhonePe, Blackbuck, Myntra, and Razorpay, along with other industry giants, attended the event. These are the startups that are already using the bank’s APIs for functions like cashback, fund transfers, customer authentication, and custom database management for developing new ways.
YES BANK Share Price
Such big news in the market undoubtedly helped the banking giant gain more market value as its shares noticed an increase of 5.73%. The price of YES BANK shares on NSE is Rs. 72.90, with an increase of 3.95. The predictions say that the stock is just going to improve in value due to the launch.