Bangalore, NFAPost News Service: HDFC Bank announced winners of its first edition of Application Programme Interface (API) Banking Summit.
The winners are from Digital Banking, CRM, Operational Efficiency and SME domains. Out of the five, two companies are from Bengaluru and one each from Hyderabad, Noida and Pune.
The API Banking Summit is a platform launched by HDFC Bank for participants to present their solution/application/platform. These winners will integrate HDFC Bank APIs in their platform, after further evaluation on technical, business, security, and compliance parameters.
The summit received more than 100 entries and 24 shortlisted companies made presentations to the jury. The jury selected five winners post evaluation on the following parameters like uniqueness and Innovation, business potential, usability and scalability, value addition to business and ompatibility with HDFC Bank’s business and technology platforms.
Talking about the announcement, HDFC Digital Transformation & API Banking Head Rajnish Khare said the API Banking Summit is one more effort by HDFC Bank to reinforce our association with the startups and fintech ecosystem in the country.
“APIs are considered the next frontier in financial services and as a leading player in the digital banking space in India, we are looking at leveraging APIs to enhance customer experience. The HDFC Banks API Banking Summit enables us to forge a partnership with companies in API segment making it a win-win for the Bank as well as the winners of the Summit,” said Rajnish Khare.
The companies selected are Betterplace Safety Solutions Pvt Ltd, Pennant Fin Services Pvt Ltd, Geton Infotech Pvt Ltd, SAPFIN and HYLO.
HDFC Bank Branch Banking Head- South Arun Mediratta said innovation is in the DNA of HDFC Bank and it is practiced along with banks stakeholders and entrepreneurs.
“Our Bank is always striving to offer the best for our customers. An initiative like the API Banking Summit not only helps create a positive impact for our customers but also fuels innovation for the entire Banking Industry” said HDFC Bank Branch Banking Head- South Arun Mediratta.
Betterplace Safety Solutions Pvt Ltd
Betterplace provides a platform to get proper finance to the blue collared employees and is headquartered in Bengaluru. The company was founded in 2015 and it helps in digital way of managing the lifecycle of a blue collar worker from on-boarding and background verification, to training, assessment and financial services. The company is focused on addressing the $12 billion blue-collar ecosystem in the country. The company has catered to around 15 Million employees & 1000+ customers. The company founders include Pravin Kumar Agarwala and Saurabh Tandan. The other directors of the company include Sonali Srivastava, Amit Garg, Uday Singh and Laliteshkumar Katragadda.
Pennant Fin Services Pvt Ltd:
Pennant, deliver right-fit, next generation business driven, enterprise level software products and services focused on the BFSI sector across the world. Hyderabad headquartered company provides a platform for connecting multiple auto dealers with bank for upselling and cross-selling banking products. The company announced the launch of www.letzbank.com – an innovative and user friendly banking product portal with comprehensive information of the banking products from leading banks and financial companies across India.
Geton Infotech Pvt Ltd:
The startup provides a platform DIALCRM which is an complete payroll solution for employees. The startup, based out of Noida, uses data analysis of the customer’s history with the company to improve customer relationships, specifically focusing on customer retention and ultimately driving sales growth.
ZAPfin Technologies (DocBoyz)
Besides financial Logistics, SAPFIN provides doorstep banking services. The startup is based out of Pune. The fintech company helps in fabricate a world without fraud, as one of the leaders in modern banking and financial customer verification processes. The company collects and analyses of customers documents through both online and offline method and reporting the same to banks and financial institutions after conducting a background check of customers.
It is a platform for small and medium enterprises to provide a real-time view of their receivables/payables by connecting to their core business tools. The startup is headquartered in Bengaluru. Besides payment against invoices, HYLO offers SME’s business assist, payment and real-time view of the cashflow position, create an invoice on the go and purchase order and procurement.
Hylo Founder Vishal Gupta said HDFC is the largest bank with the largest merchant ecosystem, large number of APIs access to the potential market with HDFC.
“Having a partner like HDFC on board would increase levels of trust for our customers in the secondary sales network who don’t have access to credit and insurance due to the lack of a digital footprint. Hylo comes in with a sweet spot by helping digitise the secondary sales network,” said Hylo Founder Vishal Gupta.