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It also presents the views of emerging fintech players established in the retail banking sector of India on various important aspects and concludes with a proposal for a new regulatory model for licensed BaaS brokers. This will create “Super FinTech”, enabling white-label front-end business correspondents, Neobank, and other FinTech models that work with the bank-FinTech partnership model.
The report By emphasizing that the API can “decentralize” banking operations, it will change the way future savings accounts are opened, accessed and managed. Savings account functions such as deposits, cash withdrawals, payments, and money transfers can be converted into a set of APIs, each of which is a bank (BaaS) product as a service to be leveraged. For banks, these allow banks to unbundle and enable core processes such as account opening, transactions and account management through FinTech to create new retail banking touchpoints.
In the field of retail banking, there are important opportunities for fintech players, including the so-called Neobank, to respond to new untapped markets. Banks are also aware of the opportunities to monetize FinTech partnerships, continuously increasing their products through APIs and seeking new partnerships. To serve this new market audience, FinTech players can leverage the national savings account API to transform their customers’ retail banking experience.
This report details the different formats that the Savings Account API takes and the specific use cases and innovations that are possible in this area, including services for the millennial generation, the agricultural market, financial services for families, and more. Explaining. You can also diversify your existing FinTech and B2C marketplaces into new products for your existing customer base. Explains the specific benefits that API aggregators offer from an infrastructure perspective by aggregating APIs and providing a “no-code” based solution for rapid integration and launch of APIs, SDKs, and financial services. increase.
This report explores several existing options for online banks and other such players in the Indian regulatory arena. Business correspondent channels are the most common, and recently introduced Digital Banking Unit (DBU) guidelines allow banks to leverage them to expand their digital footprint. Others include prepaid payment method licenses, small bank licenses, and account aggregator frameworks, each of which enables different FinTech features and has different restrictions. The DBU route will also be an important means of promoting financial inclusion through the BaaS route, adding more routes that FinTech can use to partner with upcoming commercial banks.
From a regulatory perspective, in the case of online banks, Niti Aayog and RBI have made proposals through reports on digital lending, but there are signs that these will not be considered immediately. With this in mind, the report proposes a regulatory model that enables BaaS-Fintech partnerships through an alternative solution, the “Super FinTech” platform. It’s essentially a licensing framework for BaaS intermediaries, enabling hierarchical access to banks and other financial APIs, and enabling White Label BC and other BaaS-driven fintech models.
Today’s fast-paced fintech innovation requires a similarly dynamic regulatory framework. The framework proposed in this white paper provides the flexibility to quickly integrate into FinTech, serve from multiple back-end partners, and achieve easy scalability, all under regulatory supervision. The purpose is to do. By aggregating APIs across multiple regulated entities, Super FinTech’s role is to enable secure, efficient and proactive distribution of banking services, as well as fintech innovations such as the Open Credit Enablement Network (OCEN). Is to.
Akashshinha, Cashfree Payments CEO and Co-Founder said: We believe that the Bank-Fintech partnership will drive the next generation of banking services. FinTech Innovation and the Bank-FinTech Partnership have reached the core of banking services through Neobank today, and customers are looking forward to an exciting new retail banking experience. “
