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Decentro to offer banking API to ICICI Bank

Decentro, a full-stack API banking platform, has partnered with ICICI Bank, a leading private sector bank in India, to offer customized business banking APIs to fintech, startups, and corporates, and e-commerce companies. 

“Through this partnership, Decentro has integrated ICICI Bank’s seven business banking APIs from diverse categories like accounts, payments, and collections,” Decentro in its statement said.

Speaking in the partnership, Rohit Taneja, Founder & CEO, Decentro said, “Interestingly, we are also celebrating our first official anniversary as a company this week. The number of API transactions on our platform has grown by ~ 12X in just nine months since our first product launch in July last year, and the number of new customers has grown by more than 40% month over month.” 

“We are thrilled to be building this crucial infrastructure for the upcoming fintech revolution and are super proud to be backed by some of the smartest investors in the world. With this new product, we are looking to empower existing as well as new categories of ventures like SME Service Providers, Accounting firms, B2B marketplaces, and more across the country,” Taneja added.

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Commenting on the partnership, Pankaj Gadgil, Head- Self Employed Segment, ICICI Bank said, “At ICICI Bank, we have always strived to create a seamless banking experience for our customers. We are delighted to partner with Decentro to bring forth an integrated API banking solution to several businesses, fintech, corporates, and e-commerce start-ups and co-create innovative customer solutions in a frictionless manner.” 

“With this integration, Decentro can now offer a bouquet of banking APIs from ICICI Bank along with various other non-banking APIs to the customers. We believe that this association will boost productivity for businesses, as they can now expect API banking solutions tailored for their specific requirement quickly,” Gadgil added.

ICICI Bank offers a unique end-to-end experience for easy integration of APIs. The business banking APIs by ICICI Bank enable any aggregator, platform, or marketplace to offer various banking functions to their MSME customers. 

Some of the essential functions among these include linking a current account instantly to a business platform, enabling and approving different kinds of transactions via APIs, and automatically fetching bank statements and balances in real-time. 

“We’re aligning ourselves as an API infrastructure layer for fintech (similar to AWS) and are building products in line with the expectations of customers, marketplaces, gig economy platforms, small businesses, as well as corporates. We will use this additional capital and our bank integrations to go deeper into our product suite as well as cover more customer segments over the next couple of years.”, says Pratik Daudkhane, the company’s co-founder, who was earlier a venture capitalist. 

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