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Mock API Environment – Game changer in API testing

administrator — Mon, 21 Oct 2024 08:54:45 +0000

Mock API Environment – Game changer in API testing administrator Mon, 10/21/2024 - 08:54

API mocking refers to creating an environment that mimics the behaviour of an API. Any user can create applications and then test in sandbox environment without having access to actual data or endpoints. In essence, it allows the user to learn about the different components of the API and mimic the response from the API without really interacting with real backend services.

Axis Bank API Developer portal - Sandbox environment

Axis Bank API developer portal has functionality of creating a safe mock API environment since its inception which is called as Sandbox. Every API available on portal is available for testing with detailed description of parameters, configuration, use cases, API flowchart and mock request and response. Anyone can register, explore our collection of APIs, and learn about the functioning of the APIs without interfering with the legitimate systems.

Our sandbox environment has various benefits:

Immediate Feedback:

Let’s say you’re building an API with data that has yet to be created. In ideal scenario, you would need to wait until the real data has been acquired. This slows down the development of your application. In our sandbox, we have predefined set of variables which can be used to get quick response.

Cost Savings:

Sandbox environment simulates a high load on the system without actually making requests to the real API. This eliminates the need for expensive load testing environments and resources which helps in saving money on infrastructure costs.

Increased Security:

Many teams work with sensitive data. The security hazards while using real data prior to complete development of API or an app is very high. This risk is reduced significantly when teams are working with mock data in a sandbox environment and they are less vulnerable to expose private or sensitive information.

Additionally, by simulating multiple scenarios, such as negative or malicious inputs, developers might find potential vulnerabilities via mimicking APIs which can be readily be addressed in this way. Ultimately, preventing them from being exploited in the live system.

Improved Reliability:

Users can test and compare several API versions in a sandbox before migrating to a new version, which helps them comprehend the improvements made to the new API. By implying this, they can make sure that their code is working correctly before releasing any updates. Before the product is made available to users, developers can swiftly find and fix bugs by simulating various scenarios.

ILaunching New Updates:

Prototyping:

Without depending on actual APIs, you may rapidly construct and test an application prototype using our developer portal. For early-stage startups who need to create prototypes quickly, this is really helpful. Lastly, developers can confirm that their application correctly interacts with the third-party API in a controlled environment by using API mocking. It's easier to handle any vulnerabilities and bugs when developers can simulate different replies without actually sending calls to the live API.

Lastly, developers can confirm that their application correctly interacts with the third-party API in a controlled environment by using API mocking. It's easier to handle any vulnerabilities and bugs when developers can simulate different replies without actually sending calls to the live API.

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Trends that are Shaping Payments in India

administrator — Mon, 11 Mar 2024 17:04:23 +0000

Trends that are Shaping Payments in India administrator Mon, 03/11/2024 - 17:04

Remember when pocket money used to be in the form of coins and you owned a piggy-bank? Or when your parents handed you cash for college? Unless you lived away from your parents, money used to always be handed down in cash. Even if you did live away, you would walk to a nearby ATM and withdraw that money in cash. Fast-forward to today, it is common for children to get pocket-money directly through GPay. They don’t need to withdraw it because almost every shop, vendor, hawker even and means of transport use the Unified Payments Interface (UPI) as a payment mode.

India’s payment landscape is dynamic, but it is safe to say that two prominent experiences that we faced as a nation pushed us into creating and using more innovative methods of Payments; Demonetization and the Covid Pandemic. Both these situations enabled us to be more accepting of Digital Payments. We make payments now by scanning QR Codes, send money using apps which don’t belong to our bank but are linked to it, use e-Wallets and link payments through them.

Fueled by technological advancements, changing consumer behaviour and Government Initiatives, India is undergoing a dynamic transformation in Payments. UPI has become the backbone of digital payments in India, as it offers seamless and instant fund transfers through mobile phones. Digital wallets like Paytm, PhonePe and even AmazonPay link up with your utility bills and provide attractive cashback offers with every payment made.

Here are some of the other trends that affect payments in India:

i. Contactless Payments and NFC Technology including cards, watches, bracelets helping customers to tap and pay

ii. Different applications have their own digital wallet, like Ola Money, which can also be used to make other payments as well

iii. Growth of Buy Now, Pay Later (BNPL) services which help customers to pay at their convenience, when they can

iv. Government-led Initiatives like Bharat Interface for Money (BHIM) and Aadhaar enabled Payment Services (AePS) which strongly help in encouraging financial inclusion

v. Online marketplaces have made it exceedingly convenient for customers by integrating different various payment options like UPI, Wallets, Cards and Internet banking

vi. Advent of Digital Currency in the form of Crypto and eRupee is being explored due to blockchain technology

As India marches towards a digital future, these trends underscore the dynamic nature of payments. From the convenience of UPI to the transformative potential of cryptocurrencies, each trend contributes to a financial ecosystem that is evolving swiftly. The journey towards a cashless India is not just a trend; it's a paradigm shift that holds the promise of greater financial inclusion, efficiency, and innovation.

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Digital Currency – The Future of Money

administrator — Mon, 11 Mar 2024 16:58:10 +0000

Digital Currency – The Future of Money administrator Mon, 03/11/2024 - 16:58

In an era where going digital applies to almost every facet of life, currency is not spared either. Traditional money, which was once dominated by physical notes and coins, are making way for the rise of digital currencies that transcend borders and challenge established financial norms.

Cryptocurrency is a well-established form of Digital currency. In addition, Central Bank Digital Currencies are also emerging.

I. Cryptocurrencies:

With Bitcoin leading the charge, followed by a myriad of alternative digital currencies known as altcoins, these have emerged as trailblazers in this new financial frontier. Backed by blockchain technology, these decentralized currencies offer unparalleled security, transparency and accessibility.

II. Central Bank Digital Currencies (CBDCs):

Recently, governments are striving to be more than just spectators in this monetary revolution. Central banks of various nations are conducting pilot studies into digital currency. According to the Atlantic Council’s CBDC tracker, “130 countries, representing 98% of the global GDP, are exploring a CBDC.”

19 of the G20 countries are now in advanced stage of CBDC development. India is currently in the pilot phase across retail and wholesale segments with respect to its CBDC. Currently more than a million users and over 260,000 merchants are registered for the pilot on retail CBDC transactions (source:mint). Several Indian banks like Axis, HDFC, ICICI and more, have also launched their own Digital Rupee apps.

While the potential benefits of digital currency are vast, challenges such as price volatility, regulatory uncertainty, and environmental concerns associated with some mining processes must be addressed. These challenges present opportunities for continued innovation and collaboration between industry players, regulators, and the wider public.

In conclusion, digital currency is steering us towards a future where money is decentralized, borderless, and programmable. As we navigate this transformative journey, careful consideration of regulatory frameworks, technological advancements, and societal implications will be paramount. The era of digital currency is upon us, promising a financial landscape that is more inclusive, efficient, and adaptable to the needs of our increasingly interconnected world.

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How Digital Banking is Disrupting the Banking Industry

administrator — Mon, 11 Mar 2024 16:58:08 +0000

How Digital Banking is Disrupting the Banking Industry administrator Mon, 03/11/2024 - 16:58

Until the 90s, traditional banking remained largely unchallenged. But the advent of internet transmuted the banking industry to the ever-evolving landscape that it is today. The tech wave is reshaping banking model and revolutionizing the way individuals and businesses manage their finances. One can open their account from the comfort of their homes, and for most of the time, customers don’t even need to visit their branches. Technology has given the power to speed up processes and complete financial transactions with minimum to no human contact involved.

Digital banking has redefined accessibility by breaking down geographical and language barriers. You have chatbots which will converse with you in your vernacular. You could easily book a locker in Mumbai, while sitting in Delhi. Mobile banking and internet banking can help you book FDs, apply for Credit cards and loans, conduct transactions all in the matter of minutes, probably in the middle of your tea break. But that’s not all, social applications have also developed which help you conduct banking functions like WhatsApp Banking. Branches have ceased to be the sole gateway to banking services.

But the disruption in banking industry can’t only be attributed to banks going digital, it is also because of the Fintech Revolution. The emergence of fintech startups is one of the key drivers of banking industry disruption. These agile and innovative companies are introducing new, user-friendly financial solutions, challenging established banks to adapt or lose market share. Fintechs are diversifying the financial landscape and providing customers with alternatives to traditional banking services. Another driver is AI and Machine Learning which is helping banks offer highly personalized products and services to its customers which a traditional banking model could only dream of.

In conclusion, digital banking is reshaping the banking industry by offering unparalleled accessibility, enhancing customer experiences, optimizing operational efficiency and providing data-driven insights. As we navigate this era of financial transformation, both traditional banks and digital players must adapt to the progressing needs of customers, ensuring a dynamic and competitive financial landscape for the future.

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Moving towards connected banking

administrator — Tue, 31 Oct 2023 10:04:19 +0000

Moving towards connected banking administrator Tue, 10/31/2023 - 10:04

Banking as a service, has always been recognized as an essential service by customers, who have continued to make commensurate demands of service providers. But the same customers have considered banking procedures as extensive and time-consuming. And they were right to some extent.

From opening a bank account to doing a transaction involved several manual processes and was limited to a physical bank branch. But all this took an amazing turn with onset of digitization of the financial services and overall banking industry. Now, new-age retail or corporate customers can do banking at their fingertips via multiple platforms and not just from the bank’s application.

Connected banking at Axis Bank is a platform that addresses your vendors’ inquiries, enables their transactions and helps with the automated reconciliation of your accounting entriesour vendors ries and transactions . It has broadened the horizon for customers and organizations by offering them the ease of availing financial services with the comfort of their preferred Application / ERP. Connected banking has also widened the scope for banks by increasing the market penetration to reach more and more people using multiple partner platforms.

Let’s understand with an example, earlier if a corporate had to disburse employee salaries, they would require to go through tedious manual process for document submissions, at the branch, to process the transaction. With the advent of connected banking, this can be automated through the corporate’s ERP system. This bridging of multiple corporate users enjoying hassle-free banking via their preferred ERP solution provider, is made possible by connected banking solution.

Connected Banking – Rapid responses to changing customer needs

Connected banking revolutionizes the traditional banking model by creating a more interconnected, customer-centric, and digitised ecosystem. Some of the important characteristics of connected banking are as follows:-

Connected banking enables real-time transaction processing and instant notifications which provides customers with latest information and status of their financial undertakings
Connected banking operates under strict regulatory frameworks to ensure data privacy, security and customer protection. It also allows secure data sharing
The seamless integration of financial services enhances user experience making the involvement more user friendly
It allows customers to view and manage multiple financial accounts through a single platform, thereby enabling account aggregation.
By aggregating financial figures, connected banking allows customers personalized insights and financial analytics
It encourages collaboration between traditional financial institutions and fintech. This fosters innovation in the financial industry
Connected banking has the potential to expand financial inclusion by making financial facilities more accessible
Through Open APIs, connected banking platforms can integrate with third-party financial services and fintech applications which also bolsters the range of existing services

Connected Banking vs. Open Banking

Open banking is a regulatory system that allows financial institutions to share customer financial data securely with third party providers through APIs.

With open banking, customers are offered better financial transparency, instant payments and optimized banking experience. On the flip side, the bank’s security and compliance teams need to conduct continuous reviews to ensure latest practices/guidelines are adhered to, by all backend applications.

Connected banking involves consuming open APIs, with seamless integration of various financial services and products into a single platform, with customer consent. It encourages industry players to collaborate with customers with faster time-to-market and drive higher adoption.

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How APIs are transforming banking services

administrator — Tue, 31 Oct 2023 09:58:01 +0000

How APIs are transforming banking services administrator Tue, 10/31/2023 - 09:58

This new-age tool is revolutionising the way banking is done by enhancing the experience for all stakeholders

API (Application programming interface) is a new-age tool which allows two different systems/applications to communicate with each other in a controlled and regulated manner. A standard user consumes API for tasks ranging from sending an email to doing a bank transaction via an online app. With more and more companies moving their data and operations to cloud, APIs and their management has become very essential.

API product management refers to understanding the needs of stakeholders like providers, partners, consumers and ultimately end users along with coming up with most efficient and sustainable solutions for them. It involves creating strategies to monitor the different stages of API development such as defining user journey, development, testing, deployment, maintenance, monetisation and enhancement/ feature addition over time. In large organisations which have to be compliant with the Governing body’s rules and principles, analysing and minimizing the risk associated with the API and keeping in check all the necessary approvals required before making it available to end consumer also becomes a major task for an API Product manager.

API products offer increased reach, foster novelty and collaboration, enrich customer experience, provide monetization opportunities and enable strategic partnerships. They are invaluable in contributing towards a competitive edge. Let us broadly classify the benefits of Banking APIs to Partners, Customers and Banks.

I. BENEFITS TO PARTNERS:-

API banking offers several benefits to their partners like fintech companies, payment aggregators, other businesses and developers. Some of the major benefits of having API products include Access to Banking Data and Functionality, Collaboration and Innovation, Expanded Customer Base, Streamlined Operations, Leveraging the compliance frameworks and infrastructure already in place with Banks and Authorized Data Driven Insights. All of these assist in creation additional revenue streams which in turn will contribute to progress and sustainability.

II. BENEFITS TO CUSTOMERS:-

API banking products help in building a superior banking experience and providing greater control and convenience. Customers gain personalized recommendations, access to a comprehensive range of services, consolidation of all their financials in one platform, robust security measures are implemented to protect customers from misuse of their data, transacting becomes more convenient and user experience is seamless.

III. BENEFITS TO BANKS:-

Banks which provide API products are differentiating themselves in the ever transforming digital financial space. API products are not only influential in revenue generation, but also help in fostering an environment of innovation and customer/partner centricity. Banks are able to enhance the UX attracting more customers, expand their service offerings and increasing customer touchpoints by collaborating with partners giving a wider range of financial solutions. Using API products will bolster growth with the use of analytics and data driven insights.

Overall, API Banking or Open APIs are instrumental in transforming the banking industry and shaping the future of financial facilities.

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